In the latest analysis of soybean prices, a predominantly bearish trend is anticipated, with a target set at $1150. Further declines are expected to surpass this initial target, aiming for $1131.40 as the subsequent key level. Analysts suggest a continuation of the bearish sentiment in the near term, contingent upon the price remaining below $1169. Should the resistance at $1169 be breached, it could alleviate downward pressure and potentially lead to intraday gains towards $1193.10, before resuming the downward trajectory.
The expected trading range for soybean prices is between support at $1135 and resistance at $1165.
This analysis underscores a bearish outlook for soybean prices in the foreseeable future, with market dynamics suggesting potential for further declines unless the resistance level is decisively breached.