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Soybean Price Keeps Declining – Forecast for July 10, 2024

by Jennifer

Soybean prices continue to show a bearish bias, reaching the support line of the bearish channel. The decline is expected to continue, aiming for the next negative target of $1,050.00, supported by the negative pressure from the EMA50.

A break below $1,071.00 will reinforce the bearish trend, while failure to break this level could trigger recovery attempts, with potential gains starting by testing the $1,095.50 area.

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Today’s expected trading range is between the support level of $1,055.00 and the resistance level of $1,090.00.

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Trend forecast: Bearish

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