Soybeans has rallied $14.25, or 0.94%, to now stand at $1,530.5 per bushel.
Uptick comes while some more positive signs for CME Soybeans are out as United States Crude Oil Inventories came out at 718,000, better than analyst estimates of -1.52 million and improving upon the previous reading of -5.89 million.
Nevertheless, highly important Initial Jobless Claims data from United States beat analyst expectations of 225,000 with a reading of 225,000.
Meanwhile, United States 7-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.921, while the previous figure was 3.89.
Analysis of CME Soybeans's recent price action suggests Soybeans could be slowing down soon as it approaches resistance at $1,528.25. Of course, crossing it might suggest further gains are ahead. Technical analysis trend indicators suggest that investors are seeking long positions as CME Soybeans price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that CME Soybeans's upper Bollinger Band® is at $1,526, this is a slight indication of a slowdown.
Overall, while the Soybeans future has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Trading mostly sideways for 2 months. Having set a significant low of $1,298.5 5 months ago, CME Soybeans is trading 16.77% higher.