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Soybean prices closed below the $1033.10 level yesterday, reinforcing the bearish trend and setting the stage for further declines. The initial negative targets are set at $1000.00, with potential further drops to $985.00.
Despite the current stochastic positivity, which may lead to some temporary sideways movement, the overall bearish trend is expected to resume. A breach of the $1033.10 level followed by a rise above $1050.00 would negate the bearish outlook and potentially initiate a bullish correction on both intraday and short-term bases.
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Today’s forecasted trading range for soybeans is between $1000.00 and $1050.00.
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Trend Forecast: Bearish
