Continuing its five day losing streak, CME Soybeans further drops by 1.04% to close at $1,476

A quick look at Friday: CME Soybeans withdraws 1.04% to close at $1,476 per bushel Friday.

The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. The Soybeans future has just crossed the lower Bollinger Band® at $1,480.24, indicating further losses could be forthcoming.

Looking forward, the Soybeans future is poised to extend its strong downtrend and continue declining.

CME Soybeans's value drop coincided with the fact that Rough Rice stumbles 0.69% Friday and closed at $17.29.

Around the markets, mixed performances are seen by Grains as a flat day for Corn, closing at $634.75.

Trading mostly sideways for 5 months. CME Soybeans is now trading 14.61% below the significant high of $1,746.75 it set around 9 months ago.