Losing streak continues, Soybeans lost $17.5 to $1,511.5 adding to its four consecutive days of drops

Slightly weaker but mostly flat: the Soybeans future is currently trading at $1,511.5 per bushel as it maintains an active range between $1,511.5 and $1,533.5.

New United States Pending Home Sales improved upon the previous 1.1% figure while also exceeding analyst expectations with a reading of 8.1%.

On the flip side, highly important Pending Home Sales data from United States beat analyst expectations of 1% with a reading of 8.1%. Data for United States Core Durable Goods Orders published today at 13:30 UTC came out at 0.7%, beating projections of 0.1% and showing improvement over the preceding figure of -0.4%.

Meanwhile, Core Durable Goods Orders in United States fell short of market expectations (-4%) with a reading of -4.5%, continuing the decline from the previous figure of 5.1%.

Soybeans made an initial break below its 50 day Simple Moving Average at $1,509.64, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at $1,515, market bears have earmarked $1,507.5 as the next downside target. The Soybeans future's upper Bollinger Band® is at $1,549.63 which indicates a further downward move may follow.

In the short term, Soybeans is expected to maintain its recent downtrend and continue spiralling lower.

In the meantime, negative performances are also seen in other Grains as after ending Friday's session at $649.25, Corn lost $5.75 and is trading around $643.5.

Though the Soybeans future has been dropping, other Grains have been performing better: Rough Rice gained 3.04% and is now trading at $17.31.

In addition, United States Consumer Confidence is projected to outperform its last figure with 108.5, having previously been at 107.1. The figure will be published tomorrow at 15:00 UTC.

Trading mostly sideways for 4 months. CME Soybeans hit a significant low of $1,298.5 around 7 months ago, but has since recovered 17.75%.