Automatic wave scan: as of 21 Oct 2026, the automatic daily count for Soybeans is Wave 1 down with a bearish bias. The count stays valid while price holds 1,332.
Current Soybeans wave count
Automatic wave scan Updated daily from the latest daily close (21 Oct 2026). Computer generated from swing highs and lows, not reviewed by an analyst.
Automatic scan: price is in wave 1, the first leg of a five wave decline that began at 1,332 on 16 Sep 2026. Next levels to watch are 1,210 and 1,176. The count fails on a daily close above 1,332.
Key levels
| Type | Levels |
|---|---|
| Resistance | 1 · 332 · 1 · 251 |
| Support | 1 · 146 · 1 · 099 |
| Invalidation | 1,332 |
What is Soybeans?
Soybean futures trade on the CBOT in cents per bushel, with 5,000 bushels per contract. Brazil and the United States are the two largest producers and exporters.
China is by far the largest importer. Trade disputes between the US and China, as in 2018, have caused large swings in US soybean prices.
What moves the Soybeans price?
- China demand: Chinese purchases are the largest single driver.
- South American harvest: Brazil and Argentina harvest in the first half of the year.
- US weather: Rain in August matters most for US yields.
- Trade policy: Tariffs between the US and China affect US exports.
- Vegetable oil and biofuel: Soybean oil demand for biodiesel adds support.
How Soybeans moves in Elliott Wave terms
Soybeans tend to move in broad cycles, with big rallies during supply problems, such as 2012 and 2022. Corrections are often long and complex. Many soybean rallies peak near the 1.618 extension of the first leg.
Comparing with corn and wheat helps judge whether a move is grain wide or specific to soybeans.
Tips for counting Soybeans waves
Watch Chinese import data and the Brazilian harvest. Mark August weather risks in the US.
Soybeans key facts
Soybeans Elliott Wave FAQ
Who buys the most soybeans?
China imports more soybeans than any other country, mostly for animal feed.
Why do soybeans react to trade news?
US and China trade disputes can cut US exports and shift purchases to Brazil.
What are soybeans used for?
They are crushed into soybean meal for animal feed and soybean oil for cooking and biodiesel.
Sources and further reading
- World Agricultural Supply and Demand Estimates (U.S. Department of Agriculture)
- Soybean futures contract specs (CME Group)
- Soybean (Wikipedia)
Educational content only. Nothing on this page is financial advice or a recommendation to buy or sell. Trading involves risk and you can lose money. Elliott Wave counts are probabilities, not certainties. Read our full disclaimer and affiliate disclosure.
