Soybean prices had a major pull back over the last week and this morning lows at 15.60 are a 1.81 below the highs that were posted following Russia invasion of Ukraine.

We mentioned on Friday that the charts didn’t look very good but the big drop in prices took technical indicators into the oversold range. That’s the most oversold we’ve been since harvest back in mid-October.

We view prices in soybeans down in this area as a better buy than a sell at this time.

We would not be surprised to see at a minimum price returning to where our moving averages come into play in the mid $16 level. We wouldn’t rule out prices trying to challenge some of the recent highs.

The bottom line for soybeans is todays higher close makes the chart look a little bit better, although we are in a downtrend still, but the technical indicators have hooked to the upside. A little bit of follow through tomorrow would turn the chart and technical indicators up.