As I have over the course of 2021, I’m using a different cash index for soybeans (and corn), one that has more history than the cmdty National Soybean Price Index I usually talk about. This cash index was priced at $15.41 as April came to an end, just off its monthly high of $15.45. The latter is the highest this cash index has been since posting a high of $15.64 during July 2013. Yes, the market is sharply overbought but it has been since August 2020, and it hasn’t slowed buying interest yet. For now the major (long-term) trend remains up, with a test of the $17.48 high from August 2012 not out of the question. Recall my monthly Supply and Demand Commentary that talked about how 2020-2021 stocks-to-use are closing in on the record tight situation from the 2013-2014 marketing year. Fundamentally soybeans are long-term bullish with the market’s forward curve inverted throughout the 2021-2022 marketing year.