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May 13, 2023Yesterday at a glance: bearish sentiment ensured the Soybeans future finished yesterday's session lower. However, despite the downward bias, CME Soybeans etched out a distinct $1,388.5 to $1,416.75 session range.
While price action maintains a negative bias, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 216,600, while the previous figure was 214,800. Fresh CFTC Gold speculative net positions data from United States came out at 195,800. United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 21,400, while the previous figure was 13,300.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. Despite this, the Soybeans future could begin to recover as it approaches significant support, now $9.75 away from $1,379.75. Dipping below could be an indication that further losses are ahead. Bollinger Bands® shows an indication of recovery: the lower band is at $1,387.39, a low enough level to, generally, suggest that the Soybeans future is trading below its fair value.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for CME Soybeans.
Though the Soybeans future has been dropping, other Grains have been performing better: Rough Rice went up by 0.9% yesterday, and closed at $18.48.
Also yesterday, Corn moves 0.17% yesterday and closed at $582.25.
Trading mostly sideways for 2 months. Soybeans is now trading 10% below its 3-month high of $1,746.75.
