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June 04, 2023A quick look at Friday: the Soybeans future went up to $1,352 per bushel Friday after ending Thursday at $1,329.5. Overall, a 1.69% move or $22.5.
Soybeans made an initial breakout above its 21 day Simple Moving Average at $1,353.35, a potential indicator of a newly emerging bullish phase. In contrast, the Soybeans future could be slowing down soon as it approaches resistance at $1,364.17. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Soybeans might continue pointing upwards in the short term.
The market is looking forward to the release of new data: United States Services PMI is expected tomorrow at 13:45 UTC. United States ISM Non-Manufacturing PMI (May) will be released tomorrow at 14:00 UTC.
Trading mostly sideways for 3 months. CME Soybeans hit a significant low of $1,295.75 around 5 days ago, but has since recovered 2.6%.
