July Soybean Chart

Soybean prices also sharply lower today. They did recover a little bit off of the daily lows but nonetheless still a down day. Charts are still pointed downward for beans. Technicals are in the oversold range. Similar to corn, there is no sign of bottoming action yet from the chart or technicals but we are getting down towards major chart support. $14.90 was a double bottom in April. We have the 40-day moving average and up trending line all coming into play just below today’s low. Our thoughts on beans, now that prices have had a major correction, this is not a place to be making fresh sales.