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June 20, 2023A mostly flat day so far for Soybeans, ranging between $1,327.5 and $1,364.75; currently at $1,338.25 per bushel.
Soybeans is currently trading at $1,338.25 following the release of Building Permits (May) data from the United States.
This uncertain state for the Soybeans future is reflected by published market data as United States Building Permits (May) released today at 12:30 UTC with a figure of 1.49 million, while the previous figure was 1.15 million. United States Housing Starts beat analyst expectations of -0.8% and the previous reading of -2.9% with new data of 21.7%. United States Housing Starts (May) came out at 1.63 million, while a consensus of analysts was expecting 1.4 million.
Soybeans broke through the $1,353.33 support line and dropped $15.08 below it. The Soybeans future made an initial break below its 50 day Simple Moving Average at $1,353.26, a possible indication of a forthcoming negative trend. The Soybeans future formed a session range of $1,327.5 to $1,364.75 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $1,354.
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 Rough Rice is trading around $15.37 (down 6.5 cents). Oats goes down 1.1% to trade around $403.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Fed Chair Powell testimony set for tomorrow at 14:00 UTC. United States Fed Governor Jefferson testimony scheduled to come out tomorrow at 14:00 UTC.
Soybeans hit a significant low of $1,177.75 around 13 days ago, but has since recovered 13.97%.
