Soybean Prices Resume Decline – June 17, 2024 Forecast

by Jennifer

Soybean Price Analysis

Soybean prices have resumed their downward trend, clearly breaking the $1150.00 barrier. This movement supports the ongoing bearish outlook for both the intraday and short-term trading periods. Analysts predict that the path is set towards the primary target of $1131.40. Should this level be breached, further losses are anticipated in the upcoming period.


The 50-day Exponential Moving Average (EMA50) is exerting negative pressure, reinforcing the expectation of continued decline. It is crucial for prices to remain below $1167.00 to maintain the projected bearish scenario.


Expected Trading Range

  • Support: $1130.00
  • Resistance: $1155.00

Trend Forecast: Bearish

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