Soybean prices have continued their decline, falling below the critical $1015.00 level and settling beneath it. This movement has triggered a negative outlook for the commodity in the short term, with prices now expected to target lower levels starting at $980.00. As a result, a bearish trend is forecasted for the coming sessions.
The decline is supported by the price moving below the 50-period exponential moving average (EMA50), which further reinforces expectations of downward pressure. However, if prices breach the $1028.80 level, the bearish momentum could reverse, potentially leading to a bullish correction in the short-term.
For today, the expected trading range for soybean prices is between a support level of $985.00 and a resistance level of $1020.00.
Related topic:
Best 5 Ways To Read Soybean Futures Prices