July Soybean Chart

Soybeans have made another new low down to $15.06. We’ve been watching the $14.90 level as a major level of chart support. There was a double bottom in April on prices at $14.90. Our 40-day moving average and our uptrend line all coming into play in that area and that should provide solid support going forward. Today’s low at $15.06, just 15 cents above that major chart point. Soybean technical indicators are now moving into the oversold range. This is not a place to be making sales in soybeans with prices coming to chart support and technical indicators overbought, now is the time to be patient and wait for the next bounce.