July Soybean Chart

Soybean prices look very good on a chart exploding to the upside recently.

Beans have rallied 73 cents off of Mondays low and the technical indicators have turned nicely.

We have now achieved our first objective at 16.50-16.60, which is mid-range on our price chart and where the 20- and 40-day moving average comes in to play.

If we get friendly news next week, we could expect prices to attack the upper half of the range.