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Soybean prices have successfully surpassed the $1,028.80 mark, closing above this critical threshold and suggesting that the bullish trend may continue. This breakout supports the expectation of further gains, with the next target set at $1,071.20.
The current upward momentum is reinforced by the 50-day Exponential Moving Average (EMA50), which indicates potential for additional increases in the near term. However, if prices fail to maintain levels above $1,028.80, a decline could be anticipated, potentially testing the $1,007.50 support area.
For today, the anticipated trading range for soybeans is between a support level of $1,015.00 and a resistance level of $1,045.00.
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