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[USDA May supply and demand report Forecast: CBOT soybean July contract withdraws to key support level] Market participants are generally concerned about USDA's upcoming May supply and demand monthly report.ThesixdragonsnftAgainst this background, the Chicago Board of Trade (CBOT) soybean July contract has retreated significantly, reaching 50% of the Fibonacci support level of 1206Thesixdragonsnft. 5 . This key position is the withdrawal from the low of the past two weeks to the high of last week. According to the Markethead Agricultural products Research report, there has been a dead cross in the random indicators of the contract on the daily chart, indicating potential downside risks. Dead fork is an important bearish signal in technical analysis, especially when random indicators turn bearish at the overbought level, if the support level is broken, it may cause prices to fall further. Despite downside risks, the current closing price of the CBOT soybean July contract is still above the 9-day moving average, indicating that the short-term trend is still positive. In terms of price movements, the lower target is set at 1184.5, while the upper resistance range is between 1223.75 and 1245.5. In addition, the first support level of the day is located at 1193.25, if the position is lost, it may look further at 1184.5. Investors need to pay close attention to the USDA's upcoming monthly report on supply and demand for May, which will have an important impact on the CBOT soybean futures market. At the same time, market charts and technical indicators should be carefully analyzed to formulate appropriate trading strategies. Please note that the market is risky and investors should be cautious in investing.
