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June 29, 2023
CME Soybeans has been losing ground for 3 days, shedding a total of 4.42% of its value. Today is looking a bit better: a mostly flat day so far for Soybeans, ranging between $1,260 and $1,275.75; currently at $1,264.25 per bushel.
United States's Pending Home Sales new data released of -2.7% below its previous figure.
Soybeans's state is reflected by market data as Pending Home Sales in United States fell short of market expectations (-0.5%) with a reading of -2.7%, continuing the decline from the previous figure of -0.4%. Highly important GDP data from United States beat analyst expectations of 1.4 with a reading of two. United States Initial Jobless Claims beat analyst expectations of 266,000 and the previous reading of 265,000 with new data of 239,000.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. Despite this, CME Soybeans is approaching key support, around $14.75 away from $1,249.5. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
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 Corn is down $8.5 from the beginning of the session and now trades around $528.25. Oats slips 1.65% to trade around $402.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Core PCE Price Index (MoM) (May) is expected tomorrow at 12:30 UTC.
After hitting an important low of $1,177.75 approximately 22 days ago, Soybeans has bounced back 7.41% since.
