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May 20, 2023A quick look at yesterday: down on the day: Soybeans closed at $1,305.25 per bushel after ranging between $1,304.75 and $1,345.
Meanwhile, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 191,500, while the previous figure was 216,600. Fresh CFTC Gold speculative net positions data from United States came out at 179,800. United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 20,000, while the previous figure was 21,400.
Soybeans could begin to recover as it approaches significant support, now $13.58 away from $1,291.67. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, CME Soybeans peaked above its 3 day Simple Moving Average around $1,343.42 — typically an early indicator of a new bullish trend beginning to emerge. CME Soybeans's lower Bollinger Band® is at $1,310, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, looking at the technical analysis landscape, it seems CME Soybeans —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
The Soybeans future's value drop coincided with the fact that Oats is down to $320, losing $17.75, after ending the previous session around $337.75. Rough Rice slides down 1.12% yesterday and closed at $17.34.
Grains have been showing mixed performances as a flat day for Corn, closing at $556.25.
The commodity has been trending lower for about 2 months. Soybeans has shed 15.63% over the past three months.
