Soybean prices also posted a new low for the move today, by just a penny or so down to 13.02 and then turned around and closed at 13.22.

We need to see some follow through if we are going to start to see some bottoming action on the chart or technical indicators.

Soybean prices down sharply, prices now down close to a consolidation we had seen in January/February which should provide good end user buying over the next few weeks.  

Soybean prices have been on a wild ride as well, falling sharply a week and a half ago and then late last week and this week rallying sharply before falling sharply since yesterday’s report.

Beans did rally up into the middle of the range, tested 20- and 40-day moving averages and then fell sharply.

Soybean prices have bounced nicely early when the stocks and acreage reports came out.

Soybeans rallied to 16.01, a new high for the move but then they turned around and closed at 15.60, 40 cents off the daily high.

Technical indicators that were pointed sharpy higher are now turning a little bit.

Soybean prices have bounced significantly off the lows, in fact today’s high shows soybeans have bounced 79 cents from the low established on Friday.

This was enough to turn the chart and the technical up with no sign of any topping action.

Soybean prices had some significant bottoming action at 14.62, last week the low was 13.99. We are up 53 cents off the trading lows from a few days ago.

This has turned our technical indicators higher as well.

Soybean prices broke through chart support in the 15.26-15.40 level where we had multiple lows throughout the late Winter and into Spring,

Soybeans also came down towards chart support from an uptrend that was in place prior to the invasion and now we have given back most of those gains as well.

Soybean prices bounced today; we had fallen over 80 cents over the last week but today prices did bounce with an outside day up.

The soybean market is showing hints of turning upward, the trend is still down but today’s action was encouraging.