After closing the previous trading day at $1,472.25, the Soybeans future is up to $1,479.5 per bushel, which makes for a move of 0.49%/$7.25 today.
CME Soybeans upside coincides with further encouraging market factors as data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 597,000, beating projections of -583,000 and showing improvement over the preceding figure of -3.74 million.
At the same time, United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 5%, while a consensus of analysts was expecting 5.2%.
Soybeans's lower Bollinger Band® is at $1,454.24, indicating that the market is oversold and fertile for new buyers.
Overall, looking at the technical analysis landscape, it seems the Soybeans future might continue pointing upwards in the short term.
This rally in Soybeans's price coincides with other Grains as Rough Rice added 0.4% to its value, now trading at $17.41.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released today at 12:30 UTC.
Furthermore, the market is looking at tomorrow at 12:30 UTC data for United States Core Retail Sales will be released, with an expected decline to -0.3% from the preceding figure of -0.1%. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 232,000, following on from the preceding figure of 228,000. New data is set to be published today at 12:30 UTC.
Trading mostly sideways for a month. Having soared to a high of $1,746.75 approximately 10 months ago, the Soybeans future is now trading 15.71% lower.
