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Bullish the Soybeans future runs out of steam at $1,435.75; currently at $1,434.25 per bushel

02 May 2023

SUSX

After closing the previous trading day at $1,427.5, CME Soybeans is up to $1,434.25 per bushel, which makes for a move of 0.47%/$6.75 today.

At the same time, United States ISM Manufacturing PMI (Apr) released yesterday at 14:00 UTC with a figure of 47.1, while the previous figure was 46.3. United States ISM Manufacturing Prices (Apr) came out at 53.2, while a consensus of analysts was expecting 49. United States ISM Manufacturing Employment (Apr) came out at 50.2, while a consensus of analysts was expecting 47.9.

Soybeans's lower Bollinger Band® is at $1,399, 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.

Rallies can also be seen in other Grains, having closed the previous session at $304.75, Oats is up 1.48% today to currently trade at around $309.25. Having closed the previous session at $17.61, Rough Rice is up 0.48% today to currently trade at around $17.7. Corn is up 0.56% to $587.75.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with -1,000,000. It previously stood at -5 million; data will be released tomorrow at 14:30 UTC.

Also worthy of note, United States Interest Rate is expected tomorrow at 18:00 UTC. United States ADP Nonfarm Employment Change (Apr) is expected tomorrow at 12:15 UTC.

Trading mostly sideways for 2 months. CME Soybeans is now trading 6.52% below its 3-month high of $1,746.75.

Market Summary

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