About this chart: This is the monthly continuation chart of CBOT soybeans. You can see the major low ($7.80) in May 2019, the rally to the initial high ($16.77) in May 2021, and the final high ($17.84) in June 2022. From there, nearby soybeans fell by $8.48 per bushel to the low ($9.36) in August 2024. This week, futures rallied to new highs for the year. Now short-term resistance is at the May 2024 high ($12.58).
What does this mean for you: If nearby futures can post a weekly close above $12.58, then expect a test of $13.00.