July Soybean Chart

Soybean prices look very good on the chart. Prices exploded to the upside, especially before today’s crop report. Hitting a high of $16.67. That’s a new contract high with a new contract high close. The bean market, although we’re extremely overbought from a technical perspective is still in an uptrend. If the soybean market would see a pullback, the first level of major chart support is around $15.74, 70 cents below where we closed today.