July Soybean Chart

Soybean prices also exploding to the upside and now seeing somewhat of a correction. If U.S. weather is favorable we can’t rule out a pullback towards chart support down in the lower $14 range where we have our uptrend line, moving averages, and somewhat of a double top on the charts. We are not big bears in the market but we do feel that if U.S. planting and spring weather is favorable we could see a further correction to the downside.