About this chart: This is the weekly continuation chart of CBOT Soybean Oil. You can see the major high ($72.81) in soybean oil in July 2023. From there, soybean oil prices fell to $40.00 in August 2024, and again in December 2024. Soybean oil prices rallied to $51.00 this week, trading above the 2024 high. Soybean oil prices sold off late in the week and now have major support at the two-week low at $47.00.
What to watch. If soybean oil can turn higher, then expect nearby soybean futures to move up and test $11.00.