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Soybean prices have settled around the $984.00 mark, with market observers anticipating a potential negative catalyst that could drive prices back into a bearish trend on both intraday and short-term bases. Analysts highlight a target of $960.30 as the next key level to watch.
The 50-period Exponential Moving Average (EMA50) continues to exert downward pressure on prices, reinforcing expectations for a sustained decline. It is crucial to note that maintaining levels below $1,000.00 will be necessary for the continuation of this bearish wave.
For today’s trading, the expected range is projected between a support level of $965.00 and a resistance level of $1,000.00.
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