Bullish CME Soybeans runs out of steam at $1,220; currently at $1,220 per bushel

Currently trading at $1,220 per bushel, CME Soybeans remains range-bound between $1,205.5 and $1,220.

United States Core Consumer Prices is next today at 12:30 UTC.

Meanwhile, United States Federal Budget Balance (May) released yesterday at 18:00 UTC with a figure of -240 billion, while the previous figure was 176 billion. United States 10-Year Note Auction came out at 3.791. United States 3-Year Note Auction released yesterday at 15:30 UTC with a figure of 4.202, while the previous figure was 3.695.

Soybeans made an initial breakout above its 5 day Simple Moving Average at $1,226.4, a potential indicator of a newly emerging bullish phase. In contrast, the Soybeans future could be slowing down soon as it approaches resistance at $1,216. Of course, crossing it might suggest further gains are ahead.

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

Rallies can also be seen in other Grains, having closed the previous session at $549.25, Corn is up 0.64% today to currently trade at around $552.75.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million. It previously stood at -451,000; data will be released tomorrow at 14:30 UTC.

Also worthy of note, United States Producer Price Index projected to come out at -0.1% — worse than previous data of 0.2%; data will be released tomorrow at 12:30 UTC.

Furthermore, the market is looking at United States Consumer Price Index figure is projected at 0.2%. It previously stood at 0.4%; data will be released today at 12:30 UTC.

After hitting an important low of $1,177.75 approximately 6 days ago, CME Soybeans has bounced back 2.65% since.