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June 01, 2023
The Soybeans future dropped $23 to $1,169.5, reaching its lowest point in 1 year.
New United States Crude Oil Inventories improved upon the previous -12.46 million figure while also exceeding analyst expectations with a reading of 4.49 million.
The Soybeans future upside coincides with further encouraging market factors as United States Crude Oil Inventories beat analyst expectations of -1.10 million and the previous reading of -12.46 million with new data of 4.49 million. Data for United States Initial Jobless Claims released today at 12:30 UTC is better than expected with 232,000, but worse than previous figure of 230,000.
At the same time, United States ISM Manufacturing PMI (May) released today at 14:00 UTC with a figure of 46.9, while the previous figure was 47.1.
Soybeans has just crossed the lower Bollinger Band® at $1,227.19, indicating a downward correction could occur.. CME Soybeans price action is currently oscillating around the $1,311.25 resistance level with prices moving above and below several times during the session. In contrast, Soybeans made an initial breakout above its 10 day Simple Moving Average at $1,318.83, a potential indicator of a newly emerging bullish phase. The Relative Strength Index has gone below 30, going into oversold conditions and allowing more gains.
Technical analysis of the Soybeans future price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
This rally in Soybeans's price coincides with other Grains as having closed the previous session at $521.75, Corn is up 14.14% today to currently trade at around $595.5. Having closed the previous session at $17.29, Rough Rice is up 1.65% today to currently trade at around $17.57.
While Soybeans is appreciating, other Grains are comparatively not doing so well — Oats is down to $343.5, losing $7.25, after closing at $350.75 in the preceding trading session.
Also worthy of note, United States Non Farm Payrolls projected to decline to 180,000 while previous data was 253,000; data will be released tomorrow at 12:30 UTC. United States Average Hourly Earnings projected to come out at 0.4% — worse than previous data of 0.5%; data will be released tomorrow at 12:30 UTC. Projections for United States Unemployment Rate are set for a continuation of decline with 3.5 while previous data was 3.4; data will be released tomorrow at 12:30 UTC.
The commodity has been trending lower for about 3 months. Soybeans has lost 11.52% over the last 2 days.
