Unlike November soybean futures, the monthly chart for the cmdty National Soybean Price Index (NSPI, weighted national average cash price) continues to show a major (long-term) downtrend. This move began with the spike reversal posted during May that included a high of $16.7688. This coincided with the latest bearish crossover by monthly stochastics above the overbought level of 80%. The NSPI extended its selloff to a June low of $12.9239, a price that not only took out the initial retracement target of $13.0625 but also the previous 4-month ow of $12.9758 from February 2021. The month of July saw the NSPI post an inside range, staying with the June price range, meaning we can’t call the June low the bottom of Wave A (first wave) of the the 3-wave downtrend pattern at this time. Those looking to sell cash could put a stop just below the June low, while waiting to see if a Wave B materializes that leads to a solid retracement of Wave A.