After closing yesterday at $1,350, CME Soybeans made its largest single-day drop of $162.25 (12%) seen recently — now trading at $1,187.75.

United States EIA Short-Term Energy Outlook is next today at 16:00 UTC.

Meanwhile, United States ISM Non-Manufacturing PMI (May) came out at 50.3, while a consensus of analysts was expecting 51.8. United States Services PMI released yesterday at 13:45 UTC with a figure of 54.9, while the previous figure was 53.6. United States Factory Orders published yesterday at 14:00 UTC came out at 0.4%, falling short of the 1.1% projections and continuing its decline from the previous 0.6% figure.

Despite being in the red so far in the current trading session, Soybeans peaked above its 21 day Simple Moving Average around $1,346.56 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $1,215, a low enough level to, generally, suggest that the Soybeans future is trading below its fair value. CME Soybeans could begin to recover as it approaches significant support, now $16.08 away from $1,171.67. Dipping below could be an indication that further losses are ahead.

Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems the Soybeans future is set to appreciate despite today's setback.

Though Soybeans has been dropping, other Grains have been performing better: Corn gained 1.8% and is now trading at $608.25. Rough Rice added 0.46% to its value, now trading at $15.23. Oats is up 0.66%.

Looking ahead, ongoing depreciation may be prolonged as tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.15 million from the preceding figure of 4.49 million.

Furthermore, United States EIA Short-Term Energy Outlook will be released today at 16:00 UTC.

The commodity has been trending lower for about 3 months. Soybeans is now trading 14.53% above the significant low ($1,178.75) it slumped to a day ago.