Soybean prices are currently experiencing some positive trading activity as they attempt to breach the resistance line of a bearish channel. However, stochastic indicators are presenting negative signals, suggesting that the bearish trend may continue. If prices decline further, the initial support level to watch is $973.00. A break below this level could trigger a further drop towards $960.30, with $930.00 as a key target for the ongoing bearish trend.
Conversely, if soybean prices rise above $998.00, this would counter the expected decline and potentially initiate a bullish correction on an intraday basis.
Today’s anticipated trading range for soybean prices is between $970.00 for support and $995.00 for resistance.
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