Without a clear-cut direction, the Soybeans future is trading around $1,420.5 per bushel and ranging between $1,417 and $1,428.25.
United States Core Durable Goods Orders is next today at 12:30 UTC.
Uncertainty around Soybeans is reflected by published market data as United States New Home Sales (Mar) released yesterday at 14:00 UTC with a figure of 683,000, while the previous figure was 623,000. Highly important Consumer Confidence data from United States beat analyst expectations of 104 with a reading of 101.3. United States Building Permits came out at 1.43 million, while a consensus of analysts was expecting 1.41 million.
With regards to technical trend indicators, chart analysis show 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. According to asset volatility analysis, the Soybeans future's upper Bollinger Band® is at $1,509 and the lower is $1,423.38. Technical analysis of the Soybeans future's past price action reveals multiple support and resistance levels: the Soybeans future is approaching key support, around $14.42 away from $1,406. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Overall, technical indicators suggest CME Soybeans has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Grains as Corn moves 0.29% to trade around $609.5. Rough Rice is down to $17.11, losing 4 cents, after closing at $17.15 in the preceding trading session.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories is projected to outperform its last figure with -1.49 million, having previously been at -4.58 million. The figure will be published today at 14:30 UTC. United States Pending Home Sales projected to decline to 0.5% while previous data was 0.8%; data will be released tomorrow at 14:00 UTC. United States GDP expected to decline to two while its preceding data was 2.6, data will be available tomorrow at 12:30 UTC.
Trading mostly sideways for 2 months. The Soybeans future is now trading 18.85% below the significant high of $1,746.75 it set around 10 months ago.