The Teucrium Soybean Fund (SOYB) remains in a major (long-term) downtrend, posting a new low of $20.94 during November before closing at $21.20, down $0.35 for the month. Theoretical Positions: Investors are likely on the sidelines, waiting for completion of a bullish reversal pattern, confirming a move to a new major uptrend.
November Soybeans: The continuous monthly chart for November soybeans only shows a major sideways trend as the roll was made from the 2024 issue to Nov25 last month. Support is at the August 2024 low of $9.55 with resistance the high of $10.6975 from September. Theoretical Positions: Traders would’ve gotten out of short November 2024 futures positions before the contract moved into delivery at the end of October. New Nov25 positions are on hold for now, though sell stops could be below the Nov24 August low of $9.55 with buy stops above the September high of $10.6975. The Nov25 contract closed November at $10.1075.
Soybean Cash Index: The National Soybean Index (ISY00) remains in a major (long-term) downtrend based on its monthly close-only chart. Theoretical Positions: Leave existing cash coverage in place for now without adding more. Otherwise, buy on an as needed basis only.
