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Soybean prices are currently testing the resistance line of the bearish channel at $1,039.00. This indicates a potential for a bullish correction on an intraday basis. Until the price confirms its behavior around this level, we recommend a cautious approach.
A breakout above $1,039.00 could lead to further gains, with initial targets at around $1,069.40. Conversely, if the price remains below this resistance level, it may resume the primary bearish trend, with a potential decline towards $1,000.00.
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Today’s expected trading range is between $1,020.00 for support and $1,040.00 for resistance.
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Trend Forecast: Neutral
