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Soybean prices are exhibiting a bearish trend as they move closer to the anticipated target of $960.30. This decline is supported by negative pressure from the 50-day Exponential Moving Average (EMA), which reinforces the validity of the negative outlook for the near future.
However, if prices breach the $1,000.00 mark, this could halt the current bearish wave, potentially leading to intraday gains and testing the $1,028.80 level before any further declines occur.
Today’s expected trading range is set between a support level of $960.00 and a resistance level of $995.00.
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Best 5 Ways To Read Soybean Futures Prices