Soybean prices also posted a new high for the move today up to 17.05 earlier this morning. Prices did turn down and closed slightly lower on the day.

The chart is still pointed upward, and we are still trying to break through overhead resistance.

Bottom line is that the soybean chart looks good but a setback towards our moving averages in the 16.50-16.60 can’t be ruled out if we had a little bit of bearish news.

Overhead resistance currently between 17.13 and 17.41.