Continuing its five day losing streak, CME Soybeans further drops by 1.31% to close at $1,449.25

A quick look at yesterday: Soybeans slid down from $1,468.5 to $1,449.25 per bushel, taking a $19.25 loss (1.31%)

Amid the market gloom, United States Services PMI released yesterday at 13:45 UTC with a figure of 53.7, while the previous figure was 52.6. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 244,600, while the previous figure was 235,600. Fresh CFTC Gold speculative net positions data from United States came out at 189,900.

Soybeans made an initial break below its 200 day Simple Moving Average at $1,464, a possible indication of a forthcoming negative trend. On the other hand, note that CME Soybeans could begin to recover as it approaches significant support, now $10.08 away from $1,439.17. Dipping below could be an indication that further losses are ahead. Bollinger Bands® shows an indication of recovery: the lower band is at $1,447.74, a low enough level to, generally, suggest that CME Soybeans is trading below its fair value.

In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for CME Soybeans.

CME Soybeans's value drop coincided with the fact that Corn lost 1.84% yesterday and closed at $626.

Positive performances can be seen by looking at other Grains markets as Rough Rice is trading around $17.06 after ending yesterday's session at $16.89 (up 1.04% today).

Trading mostly sideways for a month. Having soared to a high of $1,746.75 approximately 10 months ago, the Soybeans future is now trading 15.93% lower.