The Soybeans future is down to $1,506 per bushel, after ending yesterday at $1,520. Overall, a 0.92% loss or $14 today.
Non Farm Payrolls data from United States will be released today at 13:30 UTC with analysts expecting a decline to 205,000. Potentially significant price fluctuations in CME Soybeans are expected to follow.
United States Initial Jobless Claims published yesterday at 13:30 UTC came out at 211,000, falling short of the 195,000 projections and continuing its decline from the previous 190,000 figure.
Soybeans's upper Bollinger Band® is at $1,548 which indicates a further downward move may follow.
Overall, looking at the technical analysis landscape, it seems Soybeans is likely to continue pointing down in the short term.
Taking a look at other Grains commodities, negative performances are evident as Corn goes down 1.17% to trade around $611.25. After ending yesterday's session at $348.5, Oats lost $5.25 and is trading around $343.25.
Positive performances can be seen by looking at other Grains markets as having closed the previous session at $16.32, Rough Rice is up 0.67% today to currently trade at around $16.43.
Looking ahead, ongoing depreciation may be prolonged as projections for United States Non Farm Payrolls are set for a continuation of decline with 205,000 while previous data was 517,000; data will be released today at 13:30 UTC.
Furthermore, United States Unemployment Rate figure is projected at 3.4. It previously stood at 3.4; data will be released today at 13:30 UTC.
Trading mostly sideways for 5 months. Soybeans hit a significant low of $1,298.5 around 7 months ago, but has since recovered 17.06%.