Stable at $1,538.5 and still trending upwards, Today's session might suggest a slow down — without a clear-cut direction, the Soybeans future is trading around $1,538.5 per bushel and ranging between $1,537 and $1,553.25.
Technical analysis of the Soybeans future's past price action reveals multiple support and resistance levels: Soybeans bounced after reaching the $1,532.5 support zone, climbing $6 above it. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, Soybeans's upper Bollinger Band® is at $1,551, suggesting that a downward move may follow.
Overall, while CME Soybeans has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Grains as having closed the previous session at $18.09, Rough Rice is up 0.33% today to currently trade at around $18.14. Oats is trading around $369.25 (down $3.25).
Furthermore, the market is looking at United States Consumer Price Index figure is projected at 0.5%. It previously stood at 0.1%; data will be released tomorrow at 13:30 UTC. United States Consumer Price Index figure is projected at 6.2%. It previously stood at 6.5%; data will be released tomorrow at 13:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.4%; data will be released tomorrow at 13:30 UTC.
Trading mostly sideways for 4 months. The Soybeans future has managed to gain 3.87% so far this year despite trading at lows around $1,298.5 previously.