After three days of declines, CME Soybeans is up $11.75 today

CME Soybeans trades at $1,484 per bushel after gaining $11.75 (0.8%).

United States Initial Jobless Claims data will be released today at 12:30 UTC, with an expected decline to 232,000.

This move comes while some more positive signs for CME Soybeans are out as United States Crude Oil Inventories came out at 597,000, better than analyst estimates of -583,000 and improving upon the previous reading of -3.74 million.

Meanwhile, United States Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.2%. United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 5%, while the previous figure was 6%.

Soybeans made an initial breakout above its 200 day Simple Moving Average at $1,471, a potential indicator of a newly emerging bullish phase. The Soybeans future's lower Bollinger Band® is at $1,454.74, indicating that the market is oversold and fertile for new buyers. Despite this, CME Soybeans could be slowing down soon as it approaches resistance at $1,478.83. Of course, crossing it might suggest further gains are ahead.

Overall, looking at the technical analysis landscape, it seems CME Soybeans might continue pointing upwards in the short term.

This rally in the Soybeans future's price coincides with other Grains as having closed the previous session at $17.34, Rough Rice is up 0.4% today to currently trade at around $17.41.

Other Grains are showing mixed performance as Corn trades with no major change, around $629.25.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released today at 12:30 UTC.

Furthermore, the market is looking at United States Core Retail Sales projected to decline to -0.3% while previous data was -0.1%; data will be released tomorrow at 12:30 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 232,000 while previous data was 228,000; data will be released today at 12:30 UTC.

Trading mostly sideways for a month. CME Soybeans is now trading 15.71% below the significant high of $1,746.75 it set around 10 months ago.