Stable at $1,464.75 and still trending upwards, Today's session might suggest a slow down — the Soybeans future is now trading at $1,464.75 per bushel after tracing out a steady $1,461.5 – $1,466 range today.
Uncertainty around the Soybeans future is reflected by published market data as Crude Oil Inventories in United States fell short of market expectations (-2.76 million) with a reading of -12.58 million, continuing the decline from the previous figure of -3.69 million. United States Pending Home Sales beat analyst expectations of -5% and the previous reading of -8.7% with new data of -4.6%. United States JOLTs Job Openings (Oct) came out at 10.33 million, while a consensus of analysts was expecting 10.3 million.
As the day gets underway, chart analysis suggests Soybeans is approaching key support, around $6.67 away from $1,458. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. With regards to technical trend indicators, chart analysis show that investors are seeking long positions as CME Soybeans price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, CME Soybeans's upper Bollinger Band® is at $1,475, suggesting that a downward move may follow.
Notwithstanding Soybeans's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Core PCE Price Index (MoM) (Oct) is scheduled for today at 13:30 UTC. United States Non Farm Payrolls expected to decline to 200,000 while its preceding data was 261,000, data will be available tomorrow at 13:30 UTC. United States Initial Jobless Claims is projected to outperform its last figure with 235,000. It previously stood at 240,000; data will be released today at 13:30 UTC.
Trading mostly sideways for a month. CME Soybeans reached a significant high of $1,746.75 around 5 months ago but has lost 15.87% since then.