The Soybeans future is range-bound between $1,513 and $1,521.25 today after shedding $9 and closing at $1,527.75 yesterday.
While price action maintains a negative bias, United States NY Empire State Manufacturing Index (Jan) released today at 13:30 UTC with a figure of -32.9, while the previous figure was -11.2.
Soybeans made an initial break below its 3 day Simple Moving Average at $1,518, a possible indication of a forthcoming negative trend. Soybeans's upper Bollinger Band® is at $1,529.56 which indicates a further downward move may follow. Despite this, Soybeans could begin to recover as it approaches significant support, now $1.92 away from $1,516.83. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Soybeans.
Taking a look at other Grains commodities, negative performances are evident as Rough Rice closed at $18.05 (down 0.58%). Corn is down to $670.25, losing $4.75, after closing at $675 in the preceding trading session.
Looking ahead, ongoing depreciation may be prolonged as United States Producer Price Index projected to decline to -0.1% while previous data was 0.3%; data will be released tomorrow at 13:30 UTC. Projections for United States Core Retail Sales are set for a continuation of decline with -0.4% while previous data was -0.2%; data will be released tomorrow at 13:30 UTC. Tomorrow at 13:30 UTC data for United States Retail Sales will be released, with an expected decline to -0.8% from the preceding figure of -0.6%.
Trading mostly sideways for 3 months. This year has been a bright one for the Soybeans future after trading as low as $1,298.5 and going on to appreciate by 2.69% year to date.