July Soybean Chart

Soybean prices are very mixed. It looks like we’re starting to develop a sideways choppy range. The market trending higher in late April through early May, and then fell sharply and then it’s been rallying over the last week or so but over the last couple of days it started to fall again. The soybean market remains very choppy. The long-term trend is still an uptrend. That hasn’t been broken but the move we’ve seen lower this week has certainly turned the short-term trend down. As of today’s close, prices are sitting right near our 10, 20, and 40-day moving averages. We’d like to see this level hold if the market is going to maintain its uptrend.