Bullish CME Soybeans runs out of steam at $1,522.75; currently at $1,522.75 per bushel

After closing the previous trading day at $1,495, CME Soybeans is up to $1,522.75 per bushel, which makes for a move of 1.86%/$27.75 today.

Meanwhile, United States ISM Manufacturing PMI (Mar) came out at 46.3, while a consensus of analysts was expecting 47.5. United States ISM Manufacturing Employment (Mar) released yesterday at 14:00 UTC with a figure of 46.9, while the previous figure was 49.1. United States ISM Manufacturing Prices (Mar) came out at 49.2.

Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,538, thereby suggesting that Soybeans is becoming overvalued.

Examining the technical analysis landscape, Soybeans is likely to reverse course and start pointing downward in the short term.

Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with -1.8 million. It previously stood at -7.49 million; data will be released tomorrow at 14:30 UTC.

Furthermore, the market is looking at United States ADP Nonfarm Employment Change (Mar) is scheduled for tomorrow at 12:15 UTC. United States JOLTs Job Openings (Feb) is expected today at 14:00 UTC.

Trading mostly sideways for 5 months. The Soybeans future has fallen back around 14.41% over the past 9 months, from a notable high of $1,746.75.