Chart of the Week: Soybeans

About this chart:    This is the Soybean monthly continuation chart. You can see the low ($7.80) in May 2019 and then the next low in April 2020 ($8.08). Soybean prices rallied to the high at May 2021 ($16.77), then fell to the low in late November 2021 ($11.71). Futures rallied to the high in May 2022 ($17.84), and then the harvest low in October 2022 ($13.50). Now resistance is at the two-week high at $14.65 with major support at $14.00.  [Chart source: DTN/ProphetX]

What this means for you:  Seasonal odds suggest steady to higher prices into early 2023.