Soybeans down to $1,472 today, continues bearish run

CME Soybeans has been losing ground for 5 days, shedding a total of 2.23% of its value. More of the same today: after having ended yesterday at $1,477.75, CME Soybeans is down to $1,472 per bushel today. Overall, a 0.39% move or $5.75.

Initial Jobless Claims data from United States will be released today at 12:30 UTC with analysts expecting a decline to 200,000. Potentially significant price fluctuations in the Soybeans future are expected to follow.

Highly important Crude Oil Inventories data from United States beat analyst expectations of -2.33 million with a reading of -3.74 million.

Meanwhile, United States ISM Non-Manufacturing PMI (Mar) released yesterday at 14:00 UTC with a figure of 51.2, while the previous figure was 55.1. United States ADP Nonfarm Employment Change (Mar) came out at 145,000, while a consensus of analysts was expecting 200,000.

Soybeans made an initial break below its 200 day Simple Moving Average at $1,473.73, a possible indication of a forthcoming negative trend. A "gravestone doji” chart pattern — a bearish pattern that suggests a reversal followed by a downtrend in the price action. Despite this, Bollinger Bands® shows an indication of recovery: the lower band is at $1,468.3, a low enough level to, generally, suggest that the Soybeans future is trading below its fair value. The Soybeans future could begin to recover as it approaches significant support, now $9.08 away from $1,463. Dipping below could be an indication that further losses are ahead.

In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for CME Soybeans.

Though CME Soybeans has been dropping, other Grains have been performing better: Corn gained 3.59% and is now trading at $650. Oats added 1.8% to its value, now trading at $338.75.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 239,000 from the preceding figure of 311,000. United States Initial Jobless Claims projected to decline to 200,000 while previous data was 198,000; data will be released today at 12:30 UTC.

Furthermore, United States Unemployment Rate is expected tomorrow at 12:30 UTC.

Trading mostly sideways for 5 months. Soybeans has fallen back around 15.4% from the significant high of $1,746.75 set 9 months ago.