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Soybean prices have once again tested the $1,000 mark but faced a bearish reversal, as technical indicators suggest further downside potential. The stochastic oscillator has recently shown negative crossovers, signaling a continued decline in the coming sessions. Current price targets are set at $980, with a further downside possibility extending to $960.30.
However, a break above the $1,000 level could shift the market sentiment, with a potential recovery leading the price to the $1,028.80 resistance before any new downward movements take place.
For today, the expected trading range is between support at $975 and resistance at $1,005.
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