After eight days of going down, the Soybeans future is flat today, hovering around $1,402.25

Soybeans is grinding lower from $1,404 to $1,402.25 per bushel, shedding $1.75 (0.12%) today.

United States Producer Price Index didn't cause a noticeable effect even though it falls short expectations with 0.2%.

Uncertainty around CME Soybeans is reflected by published market data as United States Producer Price Index released earlier showed a marked improvement to 0.2% from the preceding data of -0.4%, but fell short of the 0.3% figure forecast by a consensus of market analysts. Following a previous reading of 242,000, Initial Jobless Claims in United States released today at 12:30 UTC fell short of the 245,000 figure expected by analysts with an actual reading of 264,000. Highly important Crude Oil Inventories data from United States beat analyst expectations of -917,000 with a reading of 2.95 million.

Chart analysis suggests Soybeans bounced after reaching the $1,398.25 support zone, climbing $4 above it. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that CME Soybeans's upper Bollinger Band® is at $1,468.7 and the lower is $1,387.17.

The current technical outlook indicates the Soybeans future will continue to ebb sideways within tight ranges for the immediate future.

Meanwhile, mixed performances are seen in other Grains as after ending yesterday's session at $337.5, Oats lost $10.5 and is trading around $327. Corn is trading around $586 (down $8).

Trading mostly sideways for 2 months. The Soybeans future has shed 7.66% over the past three months.