Continuing its six day losing streak, CME Soybeans further drops by 0.39% to close at $1,467.5

A quick look at yesterday: CME Soybeans slid down from $1,473.25 to $1,467.5 per bushel, taking a $5.75 loss (0.39%)

United States Core Retail Sales published yesterday at 12:30 UTC came out at -0.8%, falling short of the -0.3% projections and continuing its decline from the previous 0% figure. Highly important Retail Sales data from United States beat analyst expectations of -0.4% with a reading of -1%.

Meanwhile, United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -307,600, while the previous figure was -321,500.

Technical analysis trend indicators suggest that Soybeans made an initial break below its 200 day Simple Moving Average at $1,469.16, a possible indication of a forthcoming negative trend. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $1,451, a low enough level to, generally, suggest that Soybeans is trading below its fair value. Support/Resistance levels obtained from chart analysis indicate that CME Soybeans could begin to recover as it approaches significant support, now $8.42 away from $1,459. Dipping below could be an indication that further losses are ahead.

With market volatility ebbing, the current technical outlook indicates the Soybeans future will remain range-bound for the immediate future.

CME Soybeans's value drop coincided with the fact that Rough Rice lost 2.29% yesterday and closed at $17.25.

Though Soybeans has been dropping, other Grains have been performing better: Corn went up by 1.8% yesterday, and closed at $636.75. Oats went up by 1.06% yesterday, and closed at $332.25.

Trading mostly sideways for a month. Having soared to a high of $1,746.75 approximately 10 months ago, Soybeans is now trading 15.66% lower.