July Soybean Chart

Beans are also in a sharp downtrend. They have been for the past 2 weeks or so. Today’s low at $14.89 is a new low for the move and over a $1.70 from the highs posted on May 12th. It’s worth noting that technical indicators are extremely oversold. Prices have fallen to that double bottom at $14.90. The upward trendline and 40-day all converging in that area. That is where prices are now. That looks to be an area with fairly solid support on the chart if it can hold.