Soybean prices exploded to the upside making a new high for the move.

Last week’s low at 13.15 did not take out the previous low at 13.02.

That keeps the short-term chart trend upward and technical has hooked upward as well.

Overhead resistance at 14.38, that’s also where our intermediate downtrend comes into play.

Soybean prices similar to corn, they fell sharply in late June into July, then rallied sharply into Sunday night and Monday morning with the high at 14.38, then fell sharply and stabilized the last couple of days.

Bulls will claim that this week’s low did not take out last week’s low while the bears are claiming we are in a downtrend.

A little over the 1/3 could be in trouble while the eastern belt could be in good shape.

If crop conditions do in fact decline as we move through the late July and possibly into August that is going to result in analysts lowering their yield estimates.

Weather is going to determine not only the crop conditions but the price direction going forward.

Soybean prices closed lower today but, on the chart, still holding support.

We did not yet take out last week’s lows, but the chart doesn’t look overly impressive.

Today’s lower close caused the technical indicators to be pointed lower.

Chart support is down around the $13 level with overhead resistance around the $14 range.

Soybean prices made a new low for this move at 13.15 but it did not take out the low from last week at 13.02.

We turned around and closed at 13.49, 33 cents off the daily low.

Again, today’s chart does not look that good but the fact that we closed higher, and today’s low did not take out last weeks gives us some hope.

Soybean prices had a consolidated period in late June and are now extremely volatile.

Current chart support at 13.02, overhead resistance at 14.38, and close at 13.43.

Soybean prices also saw a big rally today all the way to 14.38 in the overnight and closed at 14.05, 33 cents off the daily high.

Now we need to monitor the weather to see if this market can continue to work higher.

Soybean prices also have been in a free fall lover the last 3 weeks.

Prices rebounded nicely, today closing at 14.85, that’s 61 cents off yesterday’s low.

This turned the technical indicators to the upside.