It's been more of the same this session on the back of 8 days of flat trade, Today's session so far looks to be heading in a similar way — without a clear-cut direction, the Soybeans future is trading around $1,485 per bushel and ranging between $1,483.25 and $1,501.
The Soybeans future is currently trading at $1,485 following the release of Building Permits (Mar) data from the United States.
This uncertain state for CME Soybeans is reflected by published market data as United States Building Permits (Mar) released today at 12:30 UTC with a figure of 1.41 million, while the previous figure was 1.55 million. United States Housing Starts published today at 12:30 UTC came out at -0.8%, falling short of the 0.4% projections and continuing its decline from the previous 7.3% figure. United States Building Permits came out at -8.8%, while a consensus of analysts was expecting -6%.
Support/Resistance levels obtained from chart analysis indicate that Soybeans is approaching key support, around $15.08 away from $1,470. 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 the Soybeans future made an initial breakout above its 21 day Simple Moving Average at $1,489.58, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Soybeans's upper Bollinger Band® is at $1,515.18, suggesting that a downward move may follow.
Overall, technical indicators suggest the Soybeans future has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Grains as Oats is up 1.04% to $341. Having closed the previous session at $16.91, Rough Rice is up 0.33% today to currently trade at around $16.96.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -2.46 million from the preceding figure of 597,000.
Trading mostly sideways for a month. Approximately 10 months ago, CME Soybeans reached a significant high of $1,746.75 but has struggled to hold onto its gains and declined 14.96% since then.