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February 22, 2023
It's been more of the same this session on the back of 4 days of flat trade, Today's session so far looks to be heading in a similar way — without a clear-cut direction, Soybeans is trading around $1,540.5 per bushel and ranging between $1,540.5 and $1,554.
United States FOMC Meeting Minutes is next.
Soybeans's state is reflected by market data as United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Trend analysis indicates that investors are seeking long positions as Soybeans price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Asset volatility analysis shows that the Soybeans future's upper Bollinger Band® is at $1,551.68, suggesting that a downward move may follow. Chart analysis suggests CME Soybeans is approaching key support, around $3.25 away from $1,537.25. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
All in all, the technical analysis suggests Soybeans has no clear-cut direction.
Meanwhile, mixed performances are seen in other Grains as Rough Rice closed at $17.27 (down 1.29%).
Furthermore, the market is looking at projections for United States Crude Oil Inventories are set for a continuation of decline with 1.17 million while previous data was 16.28 million; data will be released tomorrow at 16:00 UTC. United States Initial Jobless Claims projected to decline to 200,000 while previous data was 194,000; data will be released tomorrow at 13:30 UTC. United States GDP is expected tomorrow at 13:30 UTC.
Trading mostly sideways for 4 months. CME Soybeans now trading 7.95% above its 3-month low of $1,298.5.
