July Soybean Chart

Soybean prices have been in a steep downtrend over the last week and a half to two weeks. Technical indicators got extremely oversold near the zero mark. The bounce Friday and today’s follow through to the upside certainly good news for the short-term chart. We’re still in a downtrend but showing signs of wanting to turn and the technical indicators have also turned upward. With just a little bit of friendly news this market may be interested in testing overhead resistance up in the $14.40 area, about 30 cents above where we closed today.