About this chart: This is the chart of the July 2027 CBOT Soybean futures contract. You can see the major low ($11.61) on June 15 and the rally of $1.12 per bushel to the high ($11.73) on July 24. The most recent low ($12.03) came in on August 11. If the next wave up is again $1.12 per bushel, then it sets up an initial price target at $13.15 per bushel.
What does this mean for you: We will begin putting additional new crop hedges into the July contract. We are looking not only for higher futures prices but also the potential for much better basis this marketing year.