FxWirePro Call Review: Soybean price likely to rise further; broader trend 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

In our last review, we have reviewed the fundamentals and suggested, “Soybean price remains trapped in a Bull/Bear fight. While the fundamentals favor bearish outlook, good news on trade front could lead to a short squeeze and push price significantly higher towards 1020 cents per bushel. To keep the upside open, the bulls would need to defend 800 cents area.”

Since that review in mid-August, the bulls have held on to the 800 cents area, and it is looking increasingly likely that a larger correction from the current one would be taking place, even if the price fails to reach our anticipated area. With that view, we would like to add two interim targets for the Soybean future on the bullish side; 890 cents per bushel and 925 cents per bushel.

The price is currently at 861 cents per bushel.