Soybean Price Surpasses the First Target – Forecast for June 3, 2024

by Jennifer

Soybean Price Analysis

Soybean prices have successfully reached and surpassed our first target at $1193.10, settling below this level. Today, the price exhibits a clear additional decline, reinforcing expectations of a continued bearish trend. The next negative targets are set at $1150.00, with potential further declines to $1131.40.

Expected Scenario

We continue to suggest a bearish trend for the upcoming period, provided the price does not breach the $1193.10 level followed by $1202.00 and maintain stability above these levels.


Expected Trading Range

Support: $1155.00


Resistance: $1195.00

Trend Forecast: Bearish

The technical indicators suggest that the bearish trend is likely to persist. Traders should monitor the $1193.10 level closely; if the price fails to break above this level and holds, further declines towards $1150.00 and potentially $1131.40 are expected. Conversely, breaching $1193.10 and $1202.00 could lead to a potential reversal or temporary recovery in soybean prices.

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