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May 30, 2023
The Soybeans future is consolidating around the $1,325 per bushel level after dropping $12.25 at the start of the trading session.
Consumer Confidence data from United States will be released today at 14:00 UTC with analysts expecting a decline to 99. Potentially significant price fluctuations in the Soybeans future are expected to follow.
Trend-focused traders would be interested to note that Soybeans made an initial break below its 10 day Simple Moving Average at $1,329, a possible indication of a forthcoming negative trend. Soybeans's notable support and resistance levels: CME Soybeans is currently alternating around $1,330.42 with price action moving above and below this key level throughout the session.
All in all, the technical analysis suggests the Soybeans future has no clear-cut direction.
Positive performances can be seen by looking at other Grains markets as having closed the previous session at $17.07, Rough Rice is up 1.41% today to currently trade at around $17.31.
Looking ahead, ongoing depreciation may be prolonged as United States Consumer Confidence projected to decline to 99 while previous data was 101.3; data will be released today at 14:00 UTC.
Furthermore, United States JOLTs Job Openings (Apr) scheduled to come out tomorrow at 14:00 UTC.
Trading mostly sideways for 3 months. CME Soybeans is now trading 10.39% below its 3-month high of $1,746.75.
