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Soybean prices continue to hover around the resistance line of the primary bearish channel, maintaining a downward trend. The price is consolidating below this level, keeping the bearish outlook intact. The next major negative targets are set at $960.00 and $930.00, contingent upon breaking through the $960.00 mark.
To sustain the anticipated decline, soybean prices must remain below $999.50. A breach of this level could initiate a bullish correction, potentially pushing the price up to $1,028.80.
For today, the expected trading range is between $970.00 for support and $995.00 for resistance.
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