Soybeans drops from $1,535.25 to $1,527 per bushel, losing $8.25 (0.54%) today.
- United States Consumer Confidence data will be released today at 15:00 UTC, with an expected improvement to 109. the Soybeans future reaction to indicator information will follow.
- Today's fall comes after a 5 day uptrend, during which the Soybeans future added 2.48% to its value
Here is the technical analysis of the Soybeans future before macro data is released:
A study of the Soybeans future's historical price actions shows Soybeans could begin to recover as it approaches significant support, now $6.5 away from $1,520.5. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, despite drifting lower in the trading session, the short-term outlook has turned positive after the MACD moved above its signal line — typically a bullish indicator. Asset volatility analysis shows that the Soybeans future's upper Bollinger Band® is at $1,547 which indicates a further downward move may follow.
Notwithstanding CME Soybeans's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Coming up for the Soybeans future — projections for United States Crude Oil Inventories are set for a continuation of decline with -1,000,000 while previous data was 533,000; data will be released tomorrow at 15:30 UTC. United States ADP Nonfarm Employment Change (Jan) is expected tomorrow at 13:15 UTC.
As the markets get ready for more data to be released — Oats is up 0.77%.
Trading mostly sideways for 3 months. This year has been a bright one for Soybeans after trading as low as $1,298.5 and going on to appreciate by 3.02% year to date.