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On June 5, the analysts of Economies.com have the latest opinion today: CBOT soybean prices have risen significantly in the past few trading days, breaking through the resistance of the downward channel and stabilizing above it, starting to correct the decline from 1503.70. Close to the 23.6% Fibonacci correction level of 1266.30.
It is important to note that a break above this level will push the price towards the next upside at 1311.70.
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Therefore, soybean prices will tend to rise. It should be noted that if it breaks through 1233.50, it will stop the expected rise and push the price to resume its decline.
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Today’s expected trading range is between 1240.00 support and 1290.00 resistance.
