CME Soybeans trades at $1,463.5 per bushel, after ending yesterday at $1,468.5.
CME Soybeans's state is reflected by market data as United States Existing Home Sales (Mar) came out at 4.44 million, while a consensus of analysts was expecting 4.5 million. United States Philadelphia Fed Manufacturing Index (Apr) released yesterday at 12:30 UTC with a figure of -31.3, while the previous figure was -23.2. United States Initial Jobless Claims published yesterday at 12:30 UTC came out at 245,000, falling short of the 240,000 projections and continuing its decline from the previous 240,000 figure.
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. The Soybeans future's upper Bollinger Band® is at $1,502, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests CME Soybeans is positioned for a downward move in the near term.
Trading mostly sideways for a month. The Soybeans future reached a significant high of $1,746.75 around 10 months ago but has lost 15.93% since then.