After four days of going down, the Soybeans future is flat today, hovering around $1,485.5

CME Soybeans trades at $1,485.5 per bushel, after ending yesterday at $1,489.25.

Soybeans is currently trading at $1,485.5 following the release of Building Permits (Feb) data from the United States.

Trend-focused traders would be interested to note 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 $1,548.25 and the lower is $1,482.65.

Overall, the technical outlook suggests the Soybeans future is likely to remain muted for the immediate future, with no clear-cut direction.

Meanwhile, mixed performances are seen in other Grains as Rough Rice increases 1% to trade around $17.45. Corn moves 0.32% to trade around $628.5. Oats is down to $344.75, losing $2.75, after closing at $347.5 in the preceding trading session.

Trading mostly sideways for 5 months. 9 months ago CME Soybeans reached a significant high of $1,746.75 but has consequently lost 14.74% since then.