July Soybean Chart

Soybean prices also having an inside day. We did not take out yesterday’s low. We did not take out yesterday’s high. Somewhat of a consolidation day but the chart still has a gradual uptrend and we’re trading above all our moving averages in beans. Technical indicators are pointed upward and not into the overbought area yet either. The soybean chart and technical indicators are similar to corn in that they don’t indicate any topping action but we do need to repeat that weather that will drive price direction in the days and weeks to come.