Soybean prices also in a downtrend off last week’s high. Technical indicators pointed downward as well. The difference here is that the technical indicators are now entering into the oversold range. No sign of bottoming action but nonetheless soybeans are entering oversold conditions from a technicals perspective and entering some fairly significant chart support down around the $14.50 level. Soybeans currently have support in the $14.50 level with overhead resistance very close to the $16 level on the July soybean chart.