Following a flat day yesterday, CME Soybeans closed at $1,507 continuing its recent flat trend

With around 10 days of flat trade under its belt, Pointing in a similar direction, yesterday's session was more of the same — CME Soybeans slid down from $1,510.75 to $1,507 per bushel, taking a $3.75 loss (0.25%)

Soybeans's state is reflected by market data as United States Non Farm Payrolls beat the 205,000 projections, with 311,000. Data from United States concerning Unemployment Rate was released yesterday at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 3.4 to 3.6 this month. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 107,100, while the previous figure was 128,800.

Price action remains constrained around the key Fibonacci level of $1,500 currently serving as support. If price action breaks below, the next Fib hurdle is $1,490.47. CME Soybeans's upper Bollinger Band® is at $1,547, suggesting that a downward move may follow. In contrast, Soybeans reversed direction at $1,498.17 support zone and climbed $8.83 above it.

Despite the market lacking direction, technical chart analysis strongly suggests Soybeans is positioned for a downward move in the near term.

While Soybeans was pretty flat yesterday, mixed performances were seen elsewhere as Rough Rice is trading around $16.45 after ending yesterday's session at $16.32 (up 0.8% today). Corn increases 1.1% yesterday and closed at $611.5.

Trading mostly sideways for 5 months. Soybeans is up 16.35% from the significant low of $1,298.5 it hit 7 months ago.