July Soybean Chart

Soybeans are also seeing a lower trend with 3 days in a row of lower highs and today a very disappointing close. The long-term trend and the intermediate term trend are both up, while the short-term trend is chopping sideways and now indicating trying to turn lower.

If this is just a correction in the midst of an overall longer-term uptrend, we would want to find support as the market gets down towards the 16.25 level. That is another 20-25 cents below where we closed today.

It’s worth noting that the lower prices today did extend the technical indicators to the downside, but they are still in a neutral range.

We have not been able to achieve over bought or oversold conditions over the last month in the soybean market.