Chart of the Week: Soybeans

About this chart: This is the monthly CBOT Soybean continuation chart. You can see the major high at $17.94 in early September 2012. From that high, prices went lower until the major low at $7.80 in May 2019. The close on Friday at $9.36 is $1.56 off that low. The close is also above the high of $9.31 from March 2019. The close above the previous six-month highs opens the door for a test of $9.60 to $9.90, where we will finally make some 2019 soybean sales.

What this means for you:  For the first time in six years we did not have any new crop soybeans sold prior to harvest. It has been a long wait,but now if November 2019 Soybeans can rally up to $9.68 we will begin making some 2019 hedges. Also, if the target is hit at $9.83, then we will begin with some 2020 soybean hedges.