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FxWirePro Call review: Soybean price likely to test 1000 cents area; broader trend still bearish

Soybean has reached all of our bearish targets amid trade tensions between the United States and China, which happens to be the biggest consumer of Soybeans and biggest importer of U.S. Soybeans. You can check the call here, https://www.econotimes.com/FxWirePro-Call-Review-Soybean-short-target-further-extended-as-sell-off-intensifies-on-trade-tensions-and-bumper-production-1371629

And, in our follow-up review here, we at FxWirePro forecasted a temporary bounce back, while changing our longer-term outlook from bearish to very bearish. We expect the price to drop as low as 500 cents per bushel, https://www.econotimes.com/FxWirePro-Call-Review-Soybean-to-remain-in-bear-market-in-coming-years-1399874

However, in our last review in the month of October, we suggested that as the bulls have successfully held onto 800 cents support area, a larger correction is likely and we added two bullish targets; 890 cents and 925 cents.

Since that review, the price has reached 900 cents per bushel area and we would like to add more bullish targets; 910 cents and 980 cents.

1000 cents area could be used for long-term bears to enter short positions.

The major focus would be on meetings between President Trump and President Xi, later this month in Argentina, on the sidelines of the G20 meeting.

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