Soybeans down $7.75, closing at $1,426, for its 7th straight negative day

Soybeans is down to $1,426 per bushel, after ending yesterday at $1,433.75. Overall, a 0.54% loss or $7.75 today.

Bollinger Bands® shows an indication of recovery: the lower band is at $1,387.37, a low enough level to, generally, suggest that Soybeans is trading below its fair value.

Overall, looking at the technical analysis landscape, it seems the Soybeans future might start pointing upward in the short term.

In the meantime, negative performances are also seen in other Grains as Oats goes down 1.4% to trade around $334.5. Corn is down to $590.75, losing $5.75, after closing at $596.5 in the preceding trading session. Rough Rice is down to $18.32, losing 5 cents, after closing at $18.36 in the preceding trading session.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories projected to come out at -1.6 million — worse than previous data of -1.28 million; data will be released tomorrow at 14:30 UTC.

Furthermore, United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC.

Trading mostly sideways for 2 months. The Soybeans future reached a significant high of $1,746.75 around 11 months ago but has lost 17.92% since then.