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May 16, 2023Soybeans is on a 4 day downtrend Today is looking a bit better: Soybeans trades at $1,396 per bushel, after ending yesterday at $1,400.75.
United States Core Retail Sales is next.
This uncertain state for the Soybeans future is reflected by published market data as United States TIC Net Long-Term Transactions (Mar) released yesterday at 20:00 UTC with a figure of 133.3 billion, while the previous figure was 56.6 billion. United States NY Empire State Manufacturing Index (May) came out at -31.8, while a consensus of analysts was expecting -3.7.
Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Soybeans's upper Bollinger Band® is at $1,447.73 and the lower is $1,385.17.
All in all, the technical analysis suggests the Soybeans future has no clear-cut direction.
Meanwhile, mixed performances are seen in other Grains as Rough Rice is up 0.34%. Corn closed at $588.75 (down 0.63%).
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Retail Sales is projected to outperform its last figure with 0.8%. It previously stood at -0.6%; data will be released today at 12:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.4%, having previously been at -0.4%. The figure will be published today at 12:30 UTC. United States Crude Oil Inventories projected to come out at -1.3 million — worse than previous data of 2.95 million; data will be released tomorrow at 14:30 UTC.
Trading mostly sideways for 2 months. CME Soybeans has shed 7.91% over the past three months.
