Soybean prices fell below the $1033.10 mark and closed the daily trading session under this threshold. This development reinforces expectations of a continued bearish trend in the near future. If the downward movement persists, prices could target a support level at $1000.00, with the potential to extend further to $985.00.
Current positive signals from the stochastic indicator may lead to temporary sideways movement before the anticipated decline resumes. However, if prices break above $1033.10 and subsequently surpass the $1050.00 level, the bearish trend could be halted, leading to a potential bullish correction in the short-term and intraday.
For today, the expected trading range for soybeans is between the support level of $1000.00 and the resistance level of $1050.00.
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