July Soybean Chart

Soybean prices did not make a new high today and then closed somewhat disappointing, down about 10 cents. The chart looking very choppy for beans. We’ve carved out a range between $14.90-$15.74 over the last week. If we cannot rally tomorrow we wouldn’t be surprised to see prices come down to the $14.44 level where we have overhead resistance from a number tops over the past couple of months. We also have our blue line up trending line and a couple of our moving averages all coming into play at $14.50 or just a little bit below. That should provide pretty good support if this market moves lower over the next week or two.