After closing the previous trading day at $1,417.75, the Soybeans future is up to $1,425.5 per bushel, which makes for a move of 0.55%/$7.75 today.
New United States Average Hourly Earnings improved upon the previous 0.3% figure while also exceeding analyst expectations with a reading of 0.5%.
This move comes while some more positive signs for the Soybeans future are out as data for United States Average Hourly Earnings published today at 12:30 UTC came out at 0.5%, beating projections of 0.3% and showing improvement over the preceding figure of 0.3%. Data for United States Non Farm Payrolls published today at 12:30 UTC came out at 253,000, beating projections of 180,000 and showing improvement over the preceding figure of 165,000. United States Unemployment Rate came out at 3.4, better than analyst estimates of 3.6 and improving upon the previous reading of 3.5.
The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. Soybeans's lower Bollinger Band® is at $1,387, indicating that the market is oversold and fertile for new buyers.
Overall, looking at the technical analysis landscape, it seems Soybeans might continue pointing upwards in the short term.
A look at other Grains also shows upside as Oats added 2.04% to its value, now trading at $325.5. Corn is up 0.68%.
Trading mostly sideways for 2 months. CME Soybeans has shed 7.5% over the past three months.