Soybeans trades at $1,448.75 per bushel, after ending Friday at $1,449.
Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that CME Soybeans's upper Bollinger Band® is at $1,503.63 and the lower is $1,447.62.
Overall, the technical outlook suggests CME Soybeans is likely to remain muted for the immediate future, with no clear-cut direction.
Meanwhile, mixed performances are seen in other Grains as Rough Rice is up 0.47% to $17.2.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Building Permits will be released tomorrow at 13:30 UTC. United States New Home Sales (Mar) is expected tomorrow at 14:00 UTC. Tomorrow at 14:00 UTC data for United States Consumer Confidence will be released, with an expected decline to 104 from the preceding figure of 104.2.
Trading mostly sideways for 2 months. Approximately 10 months ago, the Soybeans future reached a significant high of $1,746.75 but has struggled to hold onto its gains and declined 17.05% since then.