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June 15, 2023
Tentatively higher from an earlier low of $1,240.75, Soybeans is up to $1,292.25 per bushel today, adding $52.25, or 4.21%, to yesterday's closing price of $1,240.
Soybeans is currently trading at $1,292.25 following the release of Initial Jobless Claims data from the United States.
Soybeans upside coincides with further encouraging market factors as United States Retail Sales released today at 12:30 UTC is better than expected at 0.3% but down from preceding data of 0.4% according to new data.
On the flip side, new United States Initial Jobless Claims data fell short of the 250,000 projected by analysts with a reading of 262,000 while failing to improve upon the previous reading from last month (262,000).
Meanwhile, United States Philadelphia Fed Manufacturing Index (Jun) released today at 12:30 UTC with a figure of -13.7, while the previous figure was -10.4.
Soybeans made an initial breakout above its 21 day Simple Moving Average at $1,281.73, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $1,245.7 by around $46.55 with prices hammering out a $1,240.75 – $1,295 session range. The Soybeans future broke through the $1,250 resistance, climbing $42.17 above it.
Overall, looking at the technical analysis landscape, it seems the Soybeans future might continue pointing upwards in the short term.
This rally in Soybeans's price coincides with other Grains as Corn leaps up 4.42% to trade around $573.5. Oats is up 3.78%. Rough Rice is up 0.36%.
CME Soybeans hit a significant low of $1,177.75 around 8 days ago, but has since recovered 5.29%.
