Soybeans slides down from $1,454 to $1,440 per bushel today, losing $14 (0.96%).
Initial Jobless Claims data from United States will be released today at 12:30 UTC with analysts expecting a decline to 220,000. Potentially significant price fluctuations in CME Soybeans are expected to follow.
Crude Oil Inventories in United States fell short of market expectations (367,000) with a reading of -3.12 million, continuing the decline from the previous figure of 2.59 million.
Amid the market gloom, United States Interest Rate released yesterday at 18:00 UTC with a figure of four, while the previous figure was 3.25. United States ADP Nonfarm Employment Change (Oct) came out at 239,000, while a consensus of analysts was expecting 195,000.
Soybeans made an initial break below its 3 day Simple Moving Average at $1,441.25, a possible indication of a forthcoming negative trend. CME Soybeans formed a session range of $1,437.5 to $1,453.5 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $1,448. The Soybeans future's upper Bollinger Band® is at $1,446.22 which indicates a further downward move may follow. In contrast, the Soybeans future could begin to recover as it approaches significant support, now $4.67 away from $1,444.67. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for the Soybeans future.
Taking a look at other Grains commodities, negative performances are evident as after ending yesterday's session at $17.58, Rough Rice lost 18 cents and is trading around $17.4. Oats closed at $393 (down 1.19%). Corn is down $5 from the beginning of the session and now trades around $687.75.
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 200,000 from the preceding figure of 263,000. United States Unemployment Rate projected to come out at 3.6 — worse than previous data of 3.5; data will be released tomorrow at 12:30 UTC.
Furthermore, United States ISM Non-Manufacturing PMI (Oct) is scheduled for today at 14:00 UTC.
Soybeans is now trading 16.76% below the significant high of $1,746.75 it set around 4 months ago.