Soybean Prices Show Positive Attempt, Forecast for May 21, 2024

by Jennifer

The soybean market displayed signs of positivity in recent trading, with prices making a notable attempt to breach the $1231.20 level yesterday. However, today’s market opening reveals a reversal as prices dip below the aforementioned level, resuming a downward trajectory and keeping the bearish trend scenario intact for the foreseeable future. This bearish outlook is further supported by the emergence of clear stochastic negativity, indicating potential further downside momentum. Analysts anticipate a potential descent towards $1193.10 as the next significant target.

It is noted that a breakthrough of $1222.00 could facilitate the realization of the suggested target, while surpassing the $1231.20 mark would represent a positive development likely to drive price recovery and lead to gains potentially reaching $1262.10.


Expected Trading Range

  • Support: $1200.00
  • Resistance: $1245.00

Trend Forecast: Bearish

As soybean prices navigate this period of fluctuating sentiment, market participants are advised to closely monitor developments and adjust their strategies accordingly, ensuring readiness to respond to evolving market dynamics.

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