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June 25, 2023A quick look at Friday: the Soybeans future slid down from $1,339.5 to $1,304 per bushel, taking a $35.5 loss (2.65%)
Price action remains constrained around the key Fibonacci level of $1,300.58 currently serving as support. If price action breaks below, the next Fib hurdle is $1,277. Chart analysis suggests CME Soybeans could begin to recover as it approaches significant support, now $19.67 away from $1,284.33. Dipping below could be an indication that further losses are ahead.
Soybeans's value drop coincided with the fact that Corn plunges 5.88% Friday and closed at $620.75. Oats lost 1.91% Friday and closed at $419.75.
18 days ago, CME Soybeans fell to a low of $1,177.75 but has since recovered 13.73%.
