Chart of the Week: Soybeans

About this chart:  This is the monthly CBOT Soybean continuation chart. You can see the major high eight years ago (late August 2012) at $17.94. Prices corrected down to the 2016 low at $8.49, rallied back to just over $12.00 per bushel that fall, and then fell to the major low in May 2020 at $7.80. With the rally this week above the 2019 high, the next major resistance is the early-2018 high at $10.71.    [Chart source: DTN/ProphetX]

What this means for you:  The soybean market has posted an amazing rally. Soybean futures are now $2.63 per bushel higher than the May 2020 low at $7.80. Soybean futures have put on $1.73 per bushel from the $8.70 low that was just six weeks ago.