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 — the Soybeans future is consolidating around the $1,389.25 per bushel level after dropping $3.5 at the start of the trading session.
This uncertain state for the Soybeans future is reflected by published market data as United States NY Empire State Manufacturing Index (Oct) released yesterday at 12:30 UTC with a figure of -9.1, while the previous figure was -1.5.
Technical chart analysis shows Soybeans is oscillating around the $1,383.58 level serving as support. Trend-focused traders would be interested to note that the Soybeans future made an initial break below its 10 day Simple Moving Average at $1,380, a possible indication of a forthcoming negative trend.
Overall, technical indicators suggest Soybeans has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Grains as Corn is down to $678.75, losing $4.75, after closing at $683.5 in the preceding trading session.
Furthermore, the market is looking at as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.55 million, following on from the preceding figure of 9.88 million. New data is set to be published tomorrow at 14:30 UTC. United States Building Permits (Sep) is expected tomorrow at 12:30 UTC.
The commodity has been trending lower for about a month. CME Soybeans is now trading 20.27% below the significant high of $1,746.75 it set around 4 months ago.