Soybean prices had a down day today, but it was a moderate down and for the most part we are still chopping sideways.

Technical indicators stuck in a neutral position and literally chopping in a sideways pattern.

Given the fact that our highs last week did not take out the contract highs from 2.54 weeks ago we would not rule out the market trying to test chart support just at or slightly below the $16 level.

We are not bearish in the long term, but we must respect the fact that this market may be in a corrective action.