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Soybean prices experienced significant declines yesterday, reaching the second target of $988.00. The downward momentum persisted into today, signaling a potential breach of this level and suggesting that the bearish trend could extend in the short term. Traders are advised to watch for a possible move toward the bearish channel’s support line, which is around $958.00.
The outlook remains negative for the near future. However, if prices exceed the $1013.00 mark, the current bearish trend may be halted, potentially initiating a recovery phase.
For today, the anticipated trading range is between a support level of $960.00 and a resistance level of $995.00.
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