Commodity traders stay bullish as CME Soybeans adds $7.5 or 0.5%

After closing the previous trading day at $1,485.5, Soybeans is up to $1,493 per bushel, which makes for a move of 0.5%/$7.5 today.

United States Building Permits (Mar) is next today at 12:30 UTC.

At the same time, United States TIC Net Long-Term Transactions (Feb) released yesterday at 20:00 UTC with a figure of 71 billion, while the previous figure was 31.9 billion. United States NY Empire State Manufacturing Index (Apr) came out at 10.8, while a consensus of analysts was expecting -18.

Soybeans's upper Bollinger Band® is at $1,515.81, this is a slight indication of a slowdown.

Examining the technical analysis landscape, Soybeans is likely to reverse course and start pointing downward in the short term.

Rallies can also be seen in other Grains, having closed the previous session at $337.5, Oats is up 1.04% today to currently trade at around $341.

Meanwhile, Rough Rice is down to $16.87, losing 4 cents, after closing at $16.91 in the preceding trading session.

Other Grains are showing mixed performance as Corn trades around $643.5, with no major change.

Also worthy of note, tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -2.46 million from the preceding figure of 597,000.

Elsewhere, United States Building Permits (Mar) is scheduled for today at 12:30 UTC.

Trading mostly sideways for a month. Approximately 10 months ago, CME Soybeans reached a significant high of $1,746.75 but has struggled to hold onto its gains and declined 14.96% since then.