While yesterday ended at $1,477.25, today, the Soybeans future rallied above $1,487.5 for the first time in 2 months and gained $6.75 — now trading at $1,484.
United States's Initial Jobless Claims new data released of 230,000 below its previous figure.
On the flip side, fresh Initial Jobless Claims data released in United States matched analyst forecasts with a reading of 230,000 — a backwards step from its previous reading of 226,000. United States Crude Oil Inventories released earlier showed a marked improvement to -5.19 million from the preceding data of -12.58 million, but fell short of the -3.31 million figure forecast by a consensus of market analysts.
Meanwhile, United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of -373,000, while the previous figure was -415,000.
With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,479.35, thereby suggesting that CME Soybeans is becoming overvalued. Chart analysis suggests Soybeans price action is currently oscillating around the $1,479.58 resistance level with prices moving above and below several times during the session.
Overall, while CME Soybeans has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Other Grains are showing mixed performance as Corn trades close to $643.75, with no major change.
Also worthy of note, United States Producer Price Index is expected tomorrow at 13:30 UTC.
Trading mostly sideways for 2 months. The Soybeans future has shed 15.5% over the past six months.