Stable at $1,448.75 and still trending upwards, Today's session might suggest a slow down — a mostly flat day so far for the Soybeans future, ranging between $1,443 and $1,451.5; currently at $1,448.75 per bushel.
United States Crude Oil Inventories is next.
Soybeans's state is reflected by market data as United States API Weekly Crude Oil Stock came out at 5.62 million, while a consensus of analysts was expecting 1.1 million. United States 3-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.605, while the previous figure was 4.318.
Soybeans made an initial break below its 3 day Simple Moving Average at $1,446.25, a possible indication of a forthcoming negative trend. Soybeans's upper Bollinger Band® is at $1,453, suggesting that a downward move may follow. On the other hand, note that the Soybeans future is approaching key support, around $15.33 away from $1,433.42. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
According to technical indicators, Soybeans is positioned for a downward move in the short term.
Meanwhile, mixed performances are seen in other Grains as Oats added 1.12% to its value, now trading at $385.
Furthermore, the market is looking at United States Crude Oil Inventories is projected to outperform its last figure with 1.36 million. It previously stood at -3.12 million; data will be released today at 15:30 UTC. United States Consumer Price Index figure is projected at 0.6%. It previously stood at 0.4%; data will be released tomorrow at 13:30 UTC. United States Core Consumer Prices figure is projected at 0.5%. It previously stood at 0.6%; data will be released tomorrow at 13:30 UTC.
Trading mostly sideways for a month. Soybeans reached a significant high of $1,746.75 around 5 months ago but has lost 17.19% since then.