Soybeans eyes United States Existing Home Sales (Mar) today at 14:00 UTC, trades at $1,466.5

The Soybeans future slides down from $1,478.75 to $1,466.5 per bushel today, losing $12.25 (0.83%).

• United States Existing Home Sales (Mar) is next today at 14:00 UTC.
• Today's slip comes after 9 days of trading still.

Earlier data releases related to Soybeans – United States Philadelphia Fed Manufacturing Index (Apr) released today at 12:30 UTC with a figure of -31.3, while the previous figure was -23.2. United States Initial Jobless Claims published today at 12:30 UTC came out at 245,000, falling short of the 240,000 projections and continuing its decline from the previous 240,000 figure.

Here is the technical analysis of the Soybeans future before macro data is released:

Soybeans made an initial break below its 10 day Simple Moving Average at $1,474.8, a possible indication of a forthcoming negative trend. CME Soybeans's upper Bollinger Band® is at $1,507.39 which indicates a further downward move may follow. Soybeans pushed below the $1,473 support level and extended $6.42 beyond it.

Overall, the technical analysis landscape suggests that on the balance of probability, the Soybeans future is expected to maintain its bearish bias.

Coming up for Soybeans — United States Existing Home Sales (Mar) scheduled to come out today at 14:00 UTC.

As the markets get ready for more data to be released — Corn is trading around $627.5 (down $9). Oats is down $3.5 from the beginning of the session and now trades around $338. Rough Rice is up 0.33%.

Trading mostly sideways for a month. CME Soybeans reached a significant high of $1,746.75 around 10 months ago but has lost 15.34% since then.