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May 18, 2023
A 6 day downtrend has resulted in the asset losing $106.25. Today is looking a bit better: without a clear-cut direction, Soybeans is trading around $1,333.25 per bushel and ranging between $1,323.25 and $1,348.
The Soybeans future is currently trading at $1,333.25 following the release of Existing Home Sales (Apr) data from the United States.
This uncertain state for CME Soybeans is reflected by published market data as United States Existing Home Sales (Apr) came out at 4.28 million, while a consensus of analysts was expecting 4.3 million. United States Philadelphia Fed Manufacturing Index (May) released today at 12:30 UTC with a figure of -10.4, while the previous figure was -31.3. United States Initial Jobless Claims came out at 242,000, better than analyst estimates of 254,000 and improving upon the previous reading of 264,000.
Trend analysis indicates 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. According to momentum evaluation, the Relative Strength Index indicates CME Soybeans is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, CME Soybeans's upper Bollinger Band® is at $1,466 and the lower is $1,345. Chart analysis indicates CME Soybeans is approaching key support, around $11.33 away from $1,322. 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.
Overall, technical indicators suggest Soybeans has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Grains as Corn is down $8.75 from the beginning of the session and now trades around $552.75. Rough Rice slides down 0.74% to trade around $17.38.
Moreover, United States Fed Chair Powell speech will be released tomorrow at 15:00 UTC.
The commodity has been trending lower for about 2 months. The Soybeans future is now trading 12.67% below its 3-month high of $1,746.75.
