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Soybean prices are currently testing the resistance line of a bearish channel at $1039.00. This development suggests a potential shift toward a bullish correction on an intraday basis. Market participants should remain cautious until the price confirms its position relative to this key level and provides clearer direction for future movements.
If soybean prices break through the $1039.00 resistance, they could rise to around $1069.40. Conversely, if prices remain below this level, they may continue their main bearish trend and potentially decline to $1000.00.
Today’s expected trading range is between the support level of $1020.00 and the resistance level of $1040.00.
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Best 5 Ways To Read Soybean Futures Prices