It's been more of the same this session on the back of 7 days of flat trade, Today's session so far looks to be heading in a similar way — CME Soybeans trades at $1,464.75 per bushel, after ending yesterday at $1,463.5.
United States Building Permits (Nov) is next today at 13:30 UTC.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. Soybeans's upper Bollinger Band® is at $1,502.24, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests CME Soybeans is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Grains as Rough Rice is down to $17.38, losing 8.5 cents, after closing at $17.46 in the preceding trading session.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories expected to decline to -167,000 while its preceding data was 10.23 million, data will be available tomorrow at 15:30 UTC. United States Existing Home Sales (Nov) is expected tomorrow at 15:00 UTC. United States Building Permits (Nov) is scheduled for today at 13:30 UTC.
Trading mostly sideways for 2 months. Over the past 6 months, CME Soybeans has retreated 16.22% from a noteworthy peak of $1,746.75.