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July 02, 2023A quick look at Friday: CME Soybeans closed Friday at $1,342.5 per bushel (with a daily low of $1,266) after ending Thursday at $1,265.75 and gaining 6.06%.
Soybeans made an initial breakout above its 50 day Simple Moving Average at $1,329.46, a potential indicator of a newly emerging bullish phase. Crossed the $1,300.58 Fibonacci level, next level is at $1,376.5. On the other hand, note that the Soybeans future could be slowing down soon as it approaches resistance at $1,374.17. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Soybeans might continue pointing upwards in the short term.
A look at other Grains also shows upside as Oats added 1.8% and closed around $401.75 Friday. Rough Rice is trading around $15 after ending Friday's session at $14.96 (up 0.27% today).
At the same time, after ending Friday's session at $528.5, Corn lost $33.5 and is trading around $495.
The market is looking forward to the release of new data: United States ISM Manufacturing PMI (Jun) scheduled to come out tomorrow at 14:00 UTC.
After hitting an important low of $1,177.75 approximately 25 days ago, Soybeans has bounced back 7.47% since.
