Soybean is a volatile ‘soft’ commodity to trade and is prone to wild swings. We like to trade Soybean using the long term weekly chart so that our trades are inline with the long term trends. We also establish price objectives and take profits when/if those objectives are hit.
Weather patterns also play a part in Soybean trading, so it is essential to keep abreast of weather conditions that effect the price of this commodity. As always: do your research and be sure to keep your losses small.
Here’s the weekly chart with support and resistance zones: