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Soybean prices experienced a notable decline in yesterday’s trading session, breaching the critical level of $1231.20 and closing below it. This downward movement indicates the emergence of negative pressure expected to influence upcoming trading sessions.
Market analysts anticipate a bearish bias for today’s trading, with the next primary target set at $1193.10.
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However, a potential resurgence in bullish momentum could occur upon a retest and breach of the $1231.20 level, potentially propelling prices towards the $1262.10 range in the near term.
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The expected trading range for today is projected to fluctuate between the support level at $1210.00 and the resistance level at $1240.00.
Trend Forecast: Bearish
