Soybean Prices Take a Bearish Turn

Soybean prices have made a clear break below the 1311.70 level, establishing a notable decline. This descent is expected to persist in the near future, setting the stage for further negative targets, with 1266.30 as the primary objective.

The price’s position below the EMA50 reinforces the outlook for a decline. Nevertheless, should 1294.20 be breached, it would facilitate the pursuit of the suggested target. It’s essential to bear in mind that the bearish outlook remains valid unless 1311.70 is surpassed and held above.

Traders should anticipate a trading range with support at 1275.00 and resistance at 1311.00, with the prevailing trend for the day being bearish.