Soybeans prices are in a long-term uptrend, the intermediate trend is also pointed upward, but the short-term trend has turned downward.

Today we made a new low for the move at 15.65, which is at or slightly below the spike lows we had seen on a big correction back in February.

Although the short-term trend has turned downward, technical indicators are getting into the oversold region for the first time going back into the October-November timeframe.

SO, this is no time to be making sales in soybeans we do expect the market will see significant bounces in the weeks and months to come.

Also, it’s worth noting that today’s prices at 15.55 are a $1.75 below the highs that were posted following Russia’s invasion of Ukraine.