End of a slump? After 10 successive days of depreciation, CME Soybeans was up $15.5 yesterday

Yesterday at a glance: after dipping down to $1,396.5, Soybeans regained earlier losses and ended up at $1,419.25 per bushel.

Meanwhile, United States Core PCE Price Index (MoM) (Mar) released yesterday at 12:30 UTC with a figure of 0.3, while the previous figure was 0.3. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 236,400, while the previous figure was 244,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 185,300, while the previous figure was 189,900.

Soybeans made an initial breakout above its 3 day Simple Moving Average at $1,413, a potential indicator of a newly emerging bullish phase. CME Soybeans's lower Bollinger Band® is at $1,402.32, indicating that the market is oversold and fertile for new buyers. Despite this, Soybeans could be slowing down soon; it is getting close to the resistance line and is now at $1,429.67, only $10.42 away. Crossing the resistance line could, however, suggest that further gains are ahead.

The Soybeans future continues to move higher with technical analysis indicating the trend will continue in the short term.

Trading mostly sideways for 2 months. Having soared to a high of $1,746.75 approximately 10 months ago, CME Soybeans is now trading 19.64% lower.