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March 06, 2023
Stable at $1,528.5 and still trending upwards, Today's session might suggest a slow down — a mostly flat day so far for Soybeans, ranging between $1,510.75 and $1,538.5; currently at $1,528.5 per bushel.
Uncertainty around the Soybeans future is reflected by published market data as United States Factory Orders released today at 15:00 UTC is better than expected at -1.6% but down from preceding data of 1.7% according to new data.
Soybeans made an initial break below its 50 day Simple Moving Average at $1,512.69, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $1,515 currently serving as support. If price action breaks below, the next Fib hurdle is $1,507.5. CME Soybeans's upper Bollinger Band® is at $1,554.17, suggesting that a downward move may follow. In contrast, the Soybeans future is approaching key support, around $17.92 away from $1,510.58. 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 CME Soybeans is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Grains as Oats is down $6.75 from the beginning of the session and now trades around $325. Rough Rice slips 0.44% to trade around $16.92.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Fed Chair Powell testimony is scheduled tomorrow at 15:00 UTC. United States EIA Short-Term Energy Outlook will be released tomorrow at 17:00 UTC.
Trading mostly sideways for 4 months. CME Soybeans hit a significant low of $1,298.5 around 7 months ago, but has since recovered 17.87%.
