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Soybean prices have faced a bearish rebound following a test of the resistance line, resuming the anticipated downtrend on an intraday basis. The next key target for prices is the $980.00 support level, with a potential further decline to $960.30 if this level is breached.
The price’s movement below the 50-period Exponential Moving Average (EMA) strengthens the outlook for continued declines. This bearish trend remains intact as long as prices stay below $1,014.70, and more critically, under the $1,028.80 level.
For today, the expected trading range is between the support at $980.00 and resistance at $1,015.00.
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