Chart of the Week: Soybeans

About this chart:  This is the monthly CBOT Soybean continuation chart. You can see the major high ($17.94) from late August 2012. This was followed by a grinding, seven-year bear market to the low  ($7.80) in May 2019. An important secondary low ($8.08) next came in April 2020. The low ($8.70) came about 16 weeks later, in early August 2020. From that low, soybean prices put in an impressive nine-month rally. Prices peaked at $16.77 in early May 2021. The monthly chart shows a lower low, lower high, and lower close in June. In July, the chart shows an inside month with futures closing lower. Now key support is at the July monthly low at $13.23 with resistance at the July high at $14.80.  [Chart source: DTN/ProphetX]

What this means for you:  The chart shows a seasonal high in May. Now I am watching two key times for the next low: the first two weeks of August, and the first two weeks of October.