The Soybeans future went up $10.25, closing at $1,519.5 and building up on its four days of gains

A quick look at yesterday: generally flat but with a slight bullish bias, CME Soybeans ranged between $1,507.25 and $1,525 before closing higher at $1,519.5 per bushel.

Meanwhile, United States ISM Non-Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 55.1, while the previous figure was 55.2. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 224,200, while the previous figure was 243,800. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 128,800, while the previous figure was 160,300.

Chart analysis indicates Soybeans broke through the $1,527.25 resistance and climbed $7.75 above it. Concerning technical analysis and more specifically, trend indicators, the Soybeans future made an initial breakout above its 50 day Simple Moving Average at $1,510.44, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $1,515 currently serving as resistance According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,553.75, thereby suggesting that Soybeans is becoming overvalued.

Notwithstanding CME Soybeans's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

This rally in the Soybeans future's price coincides with other Grains as Rough Rice went up by 1.28% yesterday, and closed at $17.46. Corn is trading around $640.75 after ending yesterday's session at $633.75 (up 1.1% today).

While Soybeans is appreciating, other Grains are comparatively not doing so well — Oats is down to $330.5, losing $3, after ending the previous session around $333.5.

Trading mostly sideways for 4 months. 7 months ago, Soybeans fell to a low of $1,298.5 but has since recovered 16.23%.