Soybean prices underwent a significant downturn in the preceding session, registering a robust decline that breached the crucial level of 1311.70 and plummeted to 1266.30. This movement places the commodity under anticipated negative pressure in the upcoming period, with analysts highlighting the potential for further losses to reach 1232.00 as the next key support level.
Consequently, a prevailing bearish bias is expected in the forthcoming sessions. It is imperative to note that the consolidation around the 1266.30 level against the prevailing negative pressure could initiate recovery attempts, potentially guiding the price towards testing the 1311.70 mark once again.
Market participants are advised to closely monitor the expected trading range for today, oscillating between the support level of 1245.00 and the resistance level of 1285.00. This range serves as a crucial benchmark for gauging potential price movements and aiding strategic decision-making.
In summary, the sharp losses suffered by soybean prices indicate the onset of a prolonged bearish trend, with key support levels signaling the potential extent of further declines. The resilience of the commodity against current negative pressures will be instrumental in determining its ability to initiate recovery in the short term.
