Soybean prices demonstrated remarkable strength in yesterday’s trading session, breaking free from the constraints of a bearish channel by surging to 1311.70. This break is seen as a precursor to anticipated gains in the forthcoming sessions, with the potential to reach 1328.50 and ultimately 1348.30 as the next positive targets.
Consequently, today’s outlook suggests a bullish bias. However, it’s crucial to monitor the level at 1311.70, as a failure to breach it could lead to a price decline, with 1266.30 being the primary bearish target.
The expected trading range for today is likely to fall between the support at 1280.00 and the resistance at 1335.00.
In summary, the prevailing trend for today is expected to be bullish, contingent upon the successful breach of 1311.70. This marks a significant shift for soybean prices.
