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Soybean prices have encountered challenges in consolidating above the $1,028.80 mark, leading to a downward trend. Currently, the market is trapped between this resistance level and a support line at $1,004.00, creating a neutral trading environment until the price can decisively breach either level.
If the resistance is surpassed, analysts predict a bullish correction that could target $1,071.20. Conversely, a break below the support level may signal a continuation of the bearish trend, with potential declines towards the $960.30 region.
For today, the anticipated trading range is between $1,000.00 and $1,040.00.
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