Soybeans trades at $1,436.75 per bushel after gaining $7 (0.49%).
United States Building Permits is next today at 13:00 UTC.
At the same time, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -4.8 million, while the previous figure was -5.83 million. Fresh 7-Year Note Auction data from United States came out at 3.89.
Technical chart analysis shows Soybeans is $3.42 away from testing key resistance at $1,440.17. Peaking above this level could inspire market bulls and open the path to further gains. Trend analysis indicates that Soybeans made an initial breakout above its 10 day Simple Moving Average at $1,438, a potential indicator of a newly emerging bullish phase. Having stamped out a session range of $1,429.75 to $1,438.5, Fibonacci-inclined the Soybeans future traders were highly concentrated around active Fibonacci resistance at $1,432.34. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,470, thereby suggesting that Soybeans is becoming overvalued.
With market volatility ebbing, the current technical outlook indicates CME Soybeans will remain range-bound for the immediate future.
A look at other Grains also shows upside as Corn gained 0.91% and is currently trading at $662.75.
At the same time, Rough Rice is down to $17.88, losing 7 cents, after closing at $17.95 in the preceding trading session. Oats closed at $396.5 (down 0.81%).
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.5%; data will be released today at 13:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -1 million. It previously stood at -5.4 million; data will be released today at 15:30 UTC.
Elsewhere, United States New Home Sales (Oct) is scheduled for today at 15:00 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 18.15% since then.