CME Corn trades at $627.5 per bushel, after ending yesterday at $627.75.
The Corn future's state is reflected by market data as data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 597,000, beating projections of -583,000 and showing improvement over the preceding figure of -3.74 million. United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 5%, while a consensus of analysts was expecting 5.2%.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions.
Despite the market lacking direction, technical chart analysis strongly suggests Corn is positioned for a downward move in the near term.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released today at 12:30 UTC. United States Core Retail Sales projected to come out at -0.3% — worse than previous data of -0.1%; data will be released tomorrow at 12:30 UTC. Today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 232,000 from the preceding figure of 228,000.
The Corn future has fallen back around 23.28% over the past 11 months, from a notable high of $818.25.