Soybean prices continue to be stuck in a sideways range from 4 months ago. Within that range we have seen big moves up and down.

The short-term chart is pointed downward as well as the technical, but we are getting close to the oversold level.

Soybean prices also made a new high for the move, in fact today’s high at 16.89 per bushel was just 2 cents off the contract high from February.

The trend in the soybean market is up, we’ve reached some overhead resistance.

Soybean prices also a disappointing day after making a new contract high at 17.49, closed sharply lower.

Our next level of significant chart support is around 16.60-16.65.

Technical indicators turned down early last week, then turned back up again, and now today has turned them back down.

Soybean prices made a new high for the move today at 17.44, this took the contract high from February 24^th at 17.41.

The short-term trend is upward and if beans can close above this sideways range, we could turn all trends up next week.

Soybean prices made a new low for this move today down to 16.65 but recovered 16 cents off the low at 16.81.

Overall, the charts still are indicating a short-term downtrend with the technical indicators down as well.

Soybean made a new high overnight at 17.20 but then turned around and closed at 16.87.

The market closed 33 cents off of the overnight high, that was a disappointing close and did start to hook the technical.

The soybean market has been to the upper end and lower end of the range carved out over the last 3-4 months.

Right now, the soybean market has turned upwards, the trend is up, and that’s based on strong exports which are reducing U.S. stock.

Technical indicators are still pointed upward.

Soybean prices are in a solid uptrend off the lows posted 1.5 weeks ago and technical indicators are pointed up as well.

No signs of topping action and a little friendly news could allow soybeans to test the upper end of the trading channel that’s been in place since February.