It's been more of the same this session on the back of 4 days of flat trade, Today's session so far looks to be heading in a similar way — Soybeans trades at $1,480.5 per bushel, after ending yesterday at $1,485.
United States Retail Sales is next today at 13:30 UTC.
Soybeans's state is reflected by market data as United States Interest Rate came out at 4.5, while a consensus of analysts was expecting 4.5. Highly important Crude Oil Inventories data from United States beat analyst expectations of -3.60 million with a reading of 10.23 million. United States Interest Rate Projection – 1st Yr (Q4) released yesterday at 19:00 UTC with a figure of 5.1, while the previous figure was 4.6.
Soybeans's upper Bollinger Band® is at $1,496, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests the Soybeans future is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Grains as after ending yesterday's session at $17.11, Rough Rice lost 4 cents and is trading around $17.07.
Furthermore, the market is looking at today at 13:30 UTC data for United States Retail Sales will be released, with an expected decline to -0.1% from the preceding figure of 1.3%. Projections for United States Core Retail Sales are set for a continuation of decline with 0.2% while previous data was 1.3%; data will be released today at 13:30 UTC. United States Philadelphia Fed Manufacturing Index (Dec) is expected today at 13:30 UTC.
Trading mostly sideways for 2 months. Soybeans reached a significant high of $1,746.75 around 6 months ago but has lost 15% since then.