As mentioned in a previous post, we clearly underestimated this year's May top. The decline that followed this top has been incredible. At the time of this writing prices have declined more than 40% from the May 2014 top and broke below $10 per bushel getting close to 2009 price levels.
Seasonal behavior indicates that after a May top prices will most likely decline all the way into October seasonal lows. Additionally there is a harmonic of Gann's 30 years cycle due to turn on late September thru early October. This coincides with soybeans seasonal behavior.
