CME Soybeans trades at $1,504 per bushel, after ending yesterday at $1,502.5.
United States Initial Jobless Claims is next today at 13:30 UTC.
This uncertain state for the Soybeans future is reflected by published market data as following a previous reading of 8.41 million, Crude Oil Inventories in United States released yesterday at 15:30 UTC fell short of the 971,000 figure expected by analysts with an actual reading of 533,000. United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 million.
Soybeans's upper Bollinger Band® is at $1,540.76, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests Soybeans is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Grains as Oats is down to $371, losing $7, after closing at $378 in the preceding trading session.
Furthermore, the market is looking at projections for United States Core Durable Goods Orders are set for a continuation of decline with -0.2% while previous data was 0.1%; data will be released today at 13:30 UTC. United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released tomorrow at 15:00 UTC. United States Core PCE Price Index (MoM) (Dec) will be released tomorrow at 13:30 UTC.
Trading mostly sideways for 3 months. The past 3 months have been positive for Soybeans as it added 7.73% compared to its 3-month low of $1,298.5.