Soybean Prices Continue Downward Trend, Breaking Key Support Level

by Yuki

Soybean prices have continued their decline, falling below the critical $1015.00 level and settling beneath it. This movement has triggered a negative outlook for the commodity in the short term, with prices now expected to target lower levels starting at $980.00. As a result, a bearish trend is forecasted for the coming sessions.

The decline is supported by the price moving below the 50-period exponential moving average (EMA50), which further reinforces expectations of downward pressure. However, if prices breach the $1028.80 level, the bearish momentum could reverse, potentially leading to a bullish correction in the short-term.

For today, the expected trading range for soybean prices is between a support level of $985.00 and a resistance level of $1020.00.

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