Soybean prices have pulled back off the highs posted last week and today we did posted below chart support at $15.74 but we turned around and closed right at that current level of $15.74. If we break below the next level of major chart support would be $14.90. If we would break back above, overhead resistance at $16.67 is the contract high. The market is watching weather to determine where the next significant move will be.
Soybean prices posted a high of $16.77. The market is clearly in a big up move but we’re getting fairly high prices. We’re getting close to the all-time highs that were posted back in 2012 at $17.94. It will be weather that will determine whether we can challenge or take out those all-time highs. Right now the weather looks pretty good but we’re only in the middle of May.