Soybean Weekly Forecast, September 21 – 25

This/Next Week Forecast
(September 21 – 25, 2020)

Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 1000, which will be followed by reaching resistance level 1063 and if it keeps on moving up above that level, we may expect the market to reach resistance level 1175.
Downtrend scenario
An downtrend will start or from resistance level 1063 or as soon, as the market drops below support level 1000, which will be followed by moving down to support level 940.

Chart Soybean This/Next Week Forecast, Technical Analysis

previous week soybean price forecast
Chart Soybean This/Next Week Forecast, Technical Analysis

Fundamental Analysis

Difference between supply and demand showing overbought market and the fair price between the levels $930 – $1000. Negative soybean conditions for this year pushing price up, but for further uptrend above $1060 we do not have such negative conditions as minimum till the next WASDE report.
Chart Soybean Ending Stocks, Inventory

Long-Term Forecast
(Quarter III: July – September, 2020)

Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 854, which will be followed by reaching resistance level 904 – 941 and if it keeps on moving up above that level, we may expect the market to reach resistance level 997.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 854, which will be followed by moving down to support level 816.

Chart Soybean Forecast 2020, Long-term Outlook, Technical Analysisok

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