It's been more of the same this session on the back of 10 days of flat trade, Today's session so far looks to be heading in a similar way — tentatively higher from an earlier low of $1,519.75, Soybeans is up to $1,526 per bushel today, adding $4.75, or 0.31%, to yesterday's closing price of $1,521.25.
United States Fed Chair Powell speech is next today at 17:00 UTC.
Uncertainty around the Soybeans future is reflected by published market data as United States Trade Balance (Dec) released today at 13:30 UTC with a figure of -67.4 billion, while the previous figure was -61 billion. United States Exports data released today at 13:30 UTC showed continuing decline to 250.2 billion from a previous figure of 252.4 billion. Beating their previous number of 313.4 billion, United States Imports released 317.6 billion today at 13:30 UTC.
Soybeans made an initial break below its 10 day Simple Moving Average at $1,518, a possible indication of a forthcoming negative trend. Soybeans's upper Bollinger Band® is at $1,549, suggesting that a downward move may follow. In contrast, the Soybeans future is approaching key support, around $13.17 away from $1,512.83. 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.
Despite the market lacking direction, technical chart analysis strongly suggests the Soybeans future is positioned for a downward move in the near term.
Furthermore, the market is looking at United States Crude Oil Inventories projected to come out at 2.15 million — worse than previous data of 4.14 million; data will be released tomorrow at 15:30 UTC. United States Fed Chair Powell speech set for today at 17:00 UTC. United States EIA Short-Term Energy Outlook is expected today at 17:00 UTC.
Trading mostly sideways for 4 months. CME Soybeans hit a significant low of $1,298.5 around 6 months ago, but has since recovered 17.15%.