Soybeans is trading at $1,409.75 following disappointing Initial Jobless Claims data from the United States

Trading lower, Soybeans is currently down $7.75 as it ranges between $1,406 and $1,422 so far today.

• United States's Initial Jobless Claims new data released of 242,000 below its previous figure.
• Today's losses are adding to a 14 day bearish run, during which Soybeans lost $72 of its value.

Initial Jobless Claims in United States fell short of market expectations (240,000) with a reading of 242,000, continuing the decline from the previous figure of 229,000. United States Interest Rate released yesterday at 18:00 UTC with a figure of 5.25, while the previous figure was five.

Japanese candlestick formations show 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. Trend-following investors would be interested to note that Soybeans made an initial break below its 5 day Simple Moving Average at $1,416, a possible indication of a forthcoming negative trend. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $1,387.19, a low enough level to, generally, suggest that CME Soybeans is trading below its fair value. Chart analysis suggests the Soybeans future could begin to recover as it approaches significant support, now $9.83 away from $1,400. Dipping below could be an indication that further losses are ahead.

With market volatility ebbing, the current technical outlook indicates the Soybeans future will remain range-bound for the immediate future.

United States Non Farm Payrolls projected to decline to 180,000 while previous data was 236,000; data will be released tomorrow at 12:30 UTC. United States Unemployment Rate projected to come out at 3.6 — worse than previous data of 3.5; data will be released tomorrow at 12:30 UTC.

After ending yesterday's session at $588.5, Corn lost $5.5 and is trading around $583. Having closed the previous session at $310.25, Oats is up 1.13% today to currently trade at around $313.75.

Trading mostly sideways for 2 months. The Soybeans future has shed 7.5% over the past three months.