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May 25, 2023
Soybeans recovering almost all the way back to $1,324.5 today, after dipping down to $1,316.75.
- United States Pending Home Sales didn't cause a noticeable effect even though it falls short expectations with 0%.
- Today's losses are adding to a 3 day bearish run, during which the Soybeans future lost $15.75 of its value.
United States Pending Home Sales released earlier showed a marked improvement to 0% from the preceding data of -5.2%, but fell short of the 0.5% figure forecast by a consensus of market analysts. Highly important GDP data from United States beat analyst expectations of 1.1 with a reading of 1.3.
Soybeans made an initial break below its 5 day Simple Moving Average at $1,321.35, a possible indication of a forthcoming negative trend. In contrast, '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. Although the Soybeans future is down today and was as low as $1,316.75, it seems to be recovering slightly and climbing away from the $1,314.25 support line and is now $4.75 above it.
Looking forward, CME Soybeans is poised to extend its strong downtrend and continue declining.
United States Core Durable Goods Orders expected to decline to 0% while its preceding data was 0.2%, data will be available tomorrow at 12:30 UTC. United States Core PCE Price Index (MoM) (Apr) is scheduled for tomorrow at 12:30 UTC.
Oats increases 2.81% to trade around $339. Corn ascends 0.72% to trade around $591.5.
Trading mostly sideways for 2 months. Soybeans has shed 13.4% over the past three months.
