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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.
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The expected trading range for today is likely to fall between the support at 1311.00 and resistance at 1350.00.
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Today’s expected trend: Bullish
