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Soybean prices have started the day with new negative trades, signaling a potential shift away from the $1033.10 level. This movement supports the anticipated bearish trend on both intraday and short-term bases. Traders are now eyeing a decline towards the $1000.00 level, with the possibility of further drops to $985.00 as primary targets.
The current bearish channel outlines the expected downward trajectory, which will remain valid as long as prices stay below the $1033.10 and $1046.50 levels.
For today, the projected trading range is between $1000.00 on the support side and $1030.00 on the resistance side.
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