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Soybean prices have experienced a substantial drop, breaking through the $1064.20 support level and shifting back into a bearish trend. The price has recently touched $1033.10, where it found solid support. The outlook suggests a continuation of the bearish movement, with the potential to break below this support level and target further declines to $1000.00 and subsequently to $985.00.
The price remaining below the EMA50 reinforces the bearish trend. However, if the price fails to break below $1033.10, a recovery phase could emerge, potentially testing the $1060.00 level.
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The expected trading range for today is between $1010.00 (support) and $1050.00 (resistance).
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Trend Forecast: Bearish
