CME Soybeans is down to $1,485.25 per bushel, after ending yesterday at $1,493.75. Overall, a 0.57% loss or $8.5 today.
United States Crude Oil Inventories data will be released today at 14:30 UTC, with an expected improvement to 555,000. the Soybeans future reaction to indicator information will follow.
Trend and momentum analysis indicates 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. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $1,482.59, a low enough level to, generally, suggest that Soybeans is trading below its fair value.
All in all, the technical analysis suggests the Soybeans future has no clear-cut direction.
Taking a look at other Grains commodities, negative performances are evident as after ending yesterday's session at $349, Oats lost $3 and is trading around $346.
Positive performances can be seen by looking at other Grains markets as Rough Rice is up 0.44%. Corn is up 0.52%.
Some optimism can drawn from the fact that United States Initial Jobless Claims is projected to outperform its last figure with 205,000. It previously stood at 211,000; data will be released tomorrow at 12:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Mar) will be released tomorrow at 12:30 UTC. United States Building Permits (Feb) scheduled to come out tomorrow at 12:30 UTC.
Trading mostly sideways for 5 months. The Soybeans future has fallen back around 14.48% from the significant high of $1,746.75 set 9 months ago.