Soybean Prices Surge, Breaking Through Key Resistance Level

Soybean prices recently experienced a strong upward rally, successfully breaching the significant 1311.70 level and maintaining a position above it. This positive movement indicates the continued dominance of the bullish trend in the upcoming trading sessions, with the next primary target set at 1348.30.

As a result, today’s market sentiment leans toward a bullish bias, further supported by the price’s position above the EMA50. However, it’s important to note that breaking below 1311.70 may reintroduce negative pressure on soybean prices.

The expected trading range for today is likely to fall between the support at 1311.00 and resistance at 1350.00.

Today’s expected trend: Bullish