Soybean prices were down sharply early today, they recovered somewhat close to mid-range. But still somewhat of a disappointing chart formation for soybeans.

Technical indicators chopping sideways but trying to turn just a little bit lower based on the decline the last couple of days.

The overall trend in soybeans is still an uptrend but in the short term the market is showing signs that this market might be looking at a further correction down into the $16 range.

We closed at $16.35 today.