Bearish the Soybeans future currently $36 lower after trading as low as $1,281.5

The Soybeans future drops from $1,323 to $1,287 per bushel, losing $36 (2.72%) today.

United States Consumer Confidence data will be released today at 14:00 UTC, with an expected improvement to 104. the Soybeans future reaction to indicator information will follow.

On the flip side, positive data for the Soybeans future released earlier when data for United States Core Durable Goods Orders published today at 12:30 UTC came out at 0.6%, beating projections of -0.1% and showing improvement over the preceding figure of -0.6%.

Amid the market gloom, United States Building Permits released today at 11:45 UTC with a figure of 1.50 million, while the previous figure was 1.42 million. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Apr) came out at -1.7, while a consensus of analysts was expecting -2.6.

Although Soybeans is down today and was as low as $1,281.5, it seems to be recovering slightly and climbing away from the $1,302.5 support line and is now $15.5 above it. CME Soybeans made an initial break below its 21 day Simple Moving Average at $1,286.24, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at $1,300.58, market bears have earmarked $1,277 as the next downside target.

Overall, looking at the technical analysis landscape, it seems the Soybeans future is likely to continue pointing down in the short term.

Taking a look at other Grains commodities, negative performances are evident as Corn is down $29 from the beginning of the session and now trades around $559.25. Oats is down $9.75 from the beginning of the session and now trades around $410.5.

Though CME Soybeans has been dropping, other Grains have been performing better: Rough Rice is up 0.25% to $15.77.

Moreover, United States Crude Oil Inventories is projected to outperform its last figure with 1.42 million. It previously stood at -3.83 million; data will be released tomorrow at 14:30 UTC. United States Consumer Confidence is projected to outperform its last figure with 104. It previously stood at 102.3; data will be released today at 14:00 UTC.

Furthermore, United States New Home Sales (May) is scheduled for today at 14:00 UTC.

After hitting an important low of $1,177.75 approximately 20 days ago, CME Soybeans has bounced back 12.33% since.