CME Soybeans is down to $1,504.5 per bushel, after ending yesterday at $1,518.25. Overall, a 0.91% loss or $13.75 today.
United States Consumer Confidence data will be released today at 15:00 UTC, with an expected improvement to 108.5. CME Soybeans reaction to indicator information will follow.
On the flip side, highly important Pending Home Sales data from United States beat analyst expectations of 1% with a reading of 8.1%. Highly important Core Durable Goods Orders data from United States beat analyst expectations of 0.1% with a reading of 0.7%.
Amid the market gloom, United States Core Durable Goods Orders published yesterday at 13:30 UTC came out at -4.5%, falling short of the -4% projections and continuing its decline from the previous 5.1% figure.
Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $1,503.29, a low enough level to, generally, suggest that Soybeans is trading below its fair value.
Overall, the technical outlook suggests the Soybeans future is likely to remain muted for the immediate future, with no clear-cut direction.
Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories projected to decline to 440,000 while previous data was 7.65 million; data will be released tomorrow at 15:30 UTC.
Some optimism can drawn from the fact that United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released today at 15:00 UTC.
Furthermore, United States ISM Manufacturing PMI (Feb) will be released tomorrow at 15:00 UTC.
Trading mostly sideways for 4 months. Soybeans is up 16.92% from the significant low of $1,298.5 it hit 7 months ago.