CME Soybeans recovering almost all the way back to $1,450 today, after dipping down to $1,435.25.
Soybeans made an initial break below its 5 day Simple Moving Average at $1,446, a possible indication of a forthcoming negative trend. Soybeans is currently flirting with an active Fibonacci support level around $1,448. CME Soybeans's upper Bollinger Band® is at $1,461.6 which indicates a further downward move may follow. Despite this, CME Soybeans could begin to recover as it approaches significant support, now $10.25 away from $1,428.5. 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 CME Soybeans.
In the meantime, negative performances are also seen in other Grains as Corn descends 0.94% to trade around $656.75.
Some optimism can drawn from the fact that United States Producer Price Index is projected to outperform its last figure with 0.5%. It previously stood at 0.4%; data will be released tomorrow at 13:30 UTC.
Trading mostly sideways for a month. 5 months ago the Soybeans future reached a significant high of $1,746.75 but has consequently lost 17% since then.