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Soybean Price Analysis
The soybean price persists in its downward trajectory, approaching our previously anticipated target at $1193.10. There exists potential for further decline beyond this level, with the subsequent target established at $1165.00.
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Our bearish outlook remains pertinent for the forthcoming period. However, it’s noteworthy that a breach of $1231.20 would impede the anticipated decline and might initiate additional bullish correction on an intraday and short-term basis.
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Expected Trading Range for Today
We anticipate the trading range for today to oscillate between the support level at $1180.00 and the resistance level at $1215.00.
Trend Forecast: Bearish
