Chart of the Week: Soybeans

About this chart:    This is monthly CBOT soybean chart. You can see the lows in May 2019 at $7.80, the low in March 2020 at $8.08 and the initial high in May 2021 at $16.77. From that high futures price, prices moved lower to the harvest low in November 2021 at $11.72. Then prices rallied to the June 2022 high at $17.84. Last week, futures fell hard to the July low at $14.08. Prices are now $1.99 per bushel off that low. The next resistance on the monthly CBOT soybean chart is at the June high at $17.84. [Chart source: DTN/ProphetX]

What this means for you:  The next resistance on the monthly CBOT soybean chart is at the June high at $17.84.