After closing the previous trading day at $1,462.5, CME Soybeans went up to $1,499.75 only to drop back; still positive overall today, now trading at $1,496.75 per bushel.
Although up today, early price action saw Soybeans dropping below its 200 day Simple Moving Average at $1,473 — an early indicator that a new downward trend could be emerging. The Soybeans future's upper Bollinger Band® is at $1,534, this is a slight indication of a slowdown.
Overall, looking at the technical analysis landscape, it seems the Soybeans future is likely to reverse course and start pointing down in the short term.
This rally in Soybeans's price coincides with other Grains as Corn is up 0.89%. Oats added 1.71% to its value, now trading at $342.
Meanwhile, Rough Rice closed at $16.57 (down 1.78%).
The market is looking forward to the release of new data: United States EIA Short-Term Energy Outlook is expected tomorrow at 16:00 UTC.
Trading mostly sideways for a month. Soybeans is now trading 16.27% below the significant high of $1,746.75 it set around 10 months ago.