CME Soybeans was flat Thursday following three consecutive days of gains

A quick look at Thursday: Soybeans closed a flat day of trading at $1,493.5 per bushel Thursday after ending Wednesday at $1,492.5.

This uncertain state for the Soybeans future is reflected by published market data as data for United States Unemployment Rate published yesterday at 12:30 UTC came out at 3.5, beating projections of 3.6 and showing improvement over the preceding figure of 3.6. Following a previous reading of 326,000, Non Farm Payrolls in United States released yesterday at 12:30 UTC fell short of the 239,000 figure expected by analysts with an actual reading of 236,000. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 226,100, while the previous figure was 181,100.

Soybeans made an initial break below its 200 day Simple Moving Average at $1,473.73, a possible indication of a forthcoming negative trend. The Soybeans future's upper Bollinger Band® is at $1,534, suggesting that a downward move may follow.

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 Corn moves 0.16% Thursday and closed at $619.75. Rough Rice improves 0.21% Thursday and closed at $16.86.

Trading mostly sideways for a month. Having soared to a high of $1,746.75 approximately 10 months ago, Soybeans is now trading 14.56% lower.