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February 25, 2023
Following 7 days of flat trade, Pointing in a similar direction, yesterday's session was more of the same — CME Soybeans was steady yesterday maintaining a $1,517 – $1,536.25 range before closing at $1,529.25 per bushel.
Uncertainty around CME Soybeans is reflected by published market data as United States New Home Sales (Jan) came out at 670,000, while a consensus of analysts was expecting 620,000. United States Core PCE Price Index (MoM) (Jan) released yesterday at 13:30 UTC with a figure of 0.6, while the previous figure was 0.4. Fresh CFTC S&P 500 speculative net positions data from United States came out at -222,300.
Soybeans made an initial break below its 21 day Simple Moving Average at $1,528, a possible indication of a forthcoming negative trend. CME Soybeans's upper Bollinger Band® is at $1,549.23, suggesting that a downward move may follow. In contrast, Soybeans is approaching key support, around $10.5 away from $1,518.75. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
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 slumps 1.55% yesterday and closed at $660.25. Oats went up by 2.09% yesterday, and closed at $379.
Trading mostly sideways for 4 months. After hitting an important low of $1,298.5 approximately 7 months ago, Soybeans has bounced back 18.16% since.
