Tentatively higher from an earlier low of $1,444.5, Soybeans is up to $1,460.25 per bushel today, adding $15.25, or 1.06%, to yesterday's closing price of $1,445.
United States EIA Short-Term Energy Outlook is next today at 17:00 UTC.
Meanwhile, United States ISM Non-Manufacturing PMI (Nov) came out at 56.5, while a consensus of analysts was expecting 53.3. United States Trade Balance (Oct) released today at 13:30 UTC with a figure of -78.2 billion, while the previous figure was -74.1 billion. United States Exports is released with a new figure of 256.6 billion, this is down from preceding data of 258.5 billion.
Soybeans made an initial breakout above its 5 day Simple Moving Average at $1,449, a potential indicator of a newly emerging bullish phase. Soybeans formed a session range of $1,444.5 to $1,462.75 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $1,448. On the other hand, note that the Soybeans future price action is currently oscillating around the $1,453.58 resistance level with prices moving above and below several times during the session. The Soybeans future's upper Bollinger Band® is at $1,467, this is a slight indication of a slowdown.
Overall, looking at the technical analysis landscape, it seems the Soybeans future likely to continue pointing upward in the short term.
A look at other Grains also shows upside as Oats goes up 2.9% to trade around $345.5.
While CME Soybeans is higher so far today, these Grains commodities are underperforming: Rough Rice closed at $17.07 (down 1.7%).
Other Grains are showing mixed performance as Corn trades with no major change, around $641.5.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with -3.88 million. It previously stood at -12.58 million; data will be released tomorrow at 15:30 UTC.
The market is looking forward to the release of new data: United States EIA Short-Term Energy Outlook scheduled to come out today at 17:00 UTC.
Trading mostly sideways for 2 months. 5 months ago Soybeans reached a significant high of $1,746.75 but has consequently lost 17.27% since then.