CME Soybeans set for weak finish today; down 2.72% to $1,339.5 per bushel with 47 minutes before close

CME Soybeans is grinding lower from $1,377 to $1,339.5 per bushel, shedding $37.5 (2.72%) today.

United States's Crude Oil Inventories new data released of -3.83 million below its previous figure.

Crude Oil Inventories in United States fell short of market expectations (1.87 million) with a reading of -3.83 million, continuing the decline from the previous figure of 7.92 million. New United States Initial Jobless Claims data fell short of the 260,000 projected by analysts with a reading of 264,000 while failing to improve upon the previous reading from last month (264,000).

Meanwhile, United States Existing Home Sales (May) came out at 4.3 million, while a consensus of analysts was expecting 4.25 million.

Soybeans made an initial break below its 50 day Simple Moving Average at $1,347, a possible indication of a forthcoming negative trend. Soybeans pushed below the $1,352.5 support level and extended $13 beyond it.

Overall, the technical analysis landscape suggests that on the balance of probability, CME Soybeans is expected to maintain its bearish bias.

Taking a look at other Grains commodities, negative performances are evident as Corn stumbles 1.31% to trade around $620.5.

Positive performances can be seen by looking at other Grains markets as Rough Rice gained 0.86% and is now trading at $15.74. Having closed the previous session at $412, Oats is up 2.25% today to currently trade at around $421.25.

Furthermore, United States Services PMI figure is projected at 54. It previously stood at 54.9; data will be released tomorrow at 13:45 UTC.

15 days ago, Soybeans fell to a low of $1,177.75 but has since recovered 16.92%.