Soybean Prices Remain Within Tight Range, Awaiting Further Decline

Soybean prices have exhibited minimal fluctuation since yesterday, maintaining a narrow trading range. Currently, the market is moving within an intraday bearish channel, with expectations for a continuation of the downward trend. The price is anticipated to target $990.00, followed by a secondary support level at $960.30.

The price’s position below the EMA50 (Exponential Moving Average) reinforces the likelihood of the ongoing bearish movement. This trend is expected to persist as long as prices remain below the resistance level of $1028.80.

For today, the projected trading range is between the support level of $990.00 and the resistance level of $1020.00.