Tentatively higher from an earlier low of $16.68, Rough Rice is up to $16.39 per cwt today, adding 2.5 cents, or 0.15%, to Friday's closing price of $16.36.
Trend-following investors would be interested to note that although up today, early price action saw Rough Rice dropping below its 200 day Simple Moving Average at $16.58 — an early indicator that a new downward trend could be emerging. According to momentum evaluation, the Relative Strength Index indicates CME Rice is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Asset volatility analysis shows that the Rough Rice future's lower Bollinger Band® is at $16.23, indicating that the market is oversold and fertile for new buyers. A study of CME Rough Rice's chart reveals various key levels to watch: the Rough Rice future is 48 cents away from testing key resistance at $16.87. Peaking above this level could inspire market bulls and open the path to further gains.
All in all, the technical analysis suggests the Rough Rice future has no clear-cut direction.
Meanwhile, Corn is trading around $679.5 (down $4.75).
Also worthy of note, tomorrow at 14:00 UTC data for United States Consumer Confidence will be released, with an expected decline to 106.5 from the preceding figure of 108.
The commodity has been trending lower for about a month. A month ago CME Rough Rice reached a significant high of $17.84 but has consequently lost 8.3% since then.