Commodity traders stay bullish as CME Soybeans adds $8.5 or 0.56%

Soybeans trades at $1,526.25 per bushel after gaining $8.5 (0.56%).

United States Initial Jobless Claims data will be released today at 13:30 UTC, with an expected decline to 195,000.

Nevertheless, following a previous reading of 1.17 million, Crude Oil Inventories in United States released yesterday at 15:30 UTC fell short of the 395,000 figure expected by analysts with an actual reading of -1.69 million.

At the same time, United States JOLTs Job Openings (Jan) released yesterday at 15:00 UTC with a figure of 10.82 million, while the previous figure was 11.23 million. United States ADP Nonfarm Employment Change (Feb) came out at 242,000, while a consensus of analysts was expecting 200,000.

Technical analysis of the Soybeans future's past price action reveals multiple support and resistance levels: Soybeans price action is currently oscillating around the $1,522 resistance level with prices moving above and below several times during the session. Concerning technical analysis and more specifically, trend indicators, CME Soybeans made an initial breakout above its 21 day Simple Moving Average at $1,523.38, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Soybeans's upper Bollinger Band® is at $1,551.4, this is a slight indication of a slowdown.

All in all, the technical analysis suggests Soybeans has no clear-cut direction.

Rallies can also be seen in other Grains, having closed the previous session at $16.29, Rough Rice is up 0.31% today to currently trade at around $16.34. Oats is up 0.8%.

Meanwhile, Corn closed at $628 (down 1.02%).

Also worthy of note, United States Non Farm Payrolls projected to come out at 205,000 — worse than previous data of 517,000; data will be released tomorrow at 13:30 UTC. United States Initial Jobless Claims expected to decline to 195,000 while its preceding data was 190,000, data will be available today at 13:30 UTC.

Furthermore, the market is looking at United States Unemployment Rate is expected tomorrow at 13:30 UTC.

Trading mostly sideways for 5 months. Soybeans hit a significant low of $1,298.5 around 7 months ago, but has since recovered 16.88%.