Chart of the Week: Soybean Oil

About this chart: This is the weekly CBOT Soybean oil continuation chart.  You can see the major low ($51) in December 2021, and the rally to an all-time high ($91.80) in April 2022. Prices fell to an initial low ($58.18) in July 2022 and to a potential low ($55) last week. Now a close above the two-week high will confirm a potential low.  [Chart source: DTN/ProphetX]

What this means for you:  A bottom in the Soybean Oil futures is often an indicator that soybean prices have hit an important low.  [Chart source: DTN/ProphetX]