July Soybean Chart

Soybean prices were in a free-fall yesterday seeing their largest loss in history in July beans, closing down $1.28. Today beans were up sharply but were still down sharply on the week. Beans now have major chart support at $13.23 with overhead resistance initially around the $15.00 level where the moving averages come into play with further overhead resistance at $16 where we have a short term downtrend coming into play.