Soybean Price Maintains Negative Stability: Forecast Analysis for May 24, 2024

by Jennifer

Recent analysis of soybean pricing indicates a persistent trend of negative stability as the price attempted to breach the $1231.20 threshold but remained below it during the previous trading session. This sustains the active bearish outlook for the near future, with the next target identified at $1193.10.

A significant breakthrough below $1223.00 is anticipated to catalyze further decline, potentially leading to the attainment of suggested targets. The continuation of the bearish trend hinges on the price’s ability to maintain stability below $1231.20.


Traders are advised to consider the expected trading range, which spans from a support level of $1210.00 to a resistance level of $1240.00, as they make informed decisions amidst evolving market conditions.


Forecast Trend: Bearish

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