July Soybean Chart

Bean prices are also in an uptrend but we had a very disappointing close in old crop beans as well. Old crop beans closed at $15.60. That’s 63 cents off the daily high. The push to new highs today does leave $16.67 as the overhead resistance but it was a disappointing close and the bean market needs to rally fairly soon to prevent chart or technical signals from turning down. Today’s close at 63 cents off the daily high was enough to turn the short term technicals just a little bit to the downside. The chart and technical action was very mixed, a little bit of something for the bulls and the bears in today’s action.