Tentatively higher from an earlier low of $640.5, CME Corn is up to $641.75 per bushel today, adding $1.25, or 0.2%, to yesterday's closing price of $640.5.
United States EIA Short-Term Energy Outlook is next today at 17:00 UTC.
This uncertain state for the Corn future is reflected by published market data as United States ISM Non-Manufacturing PMI (Nov) released yesterday at 15:00 UTC with a figure of 56.5, while the previous figure was 54.4. United States Trade Balance (Oct) came out at -78.2 billion, while a consensus of analysts was expecting -80 billion. United States Exports data released today at 13:30 UTC showed continuing decline to 256.6 billion from a previous figure of 258.5 billion.
Corn made an initial breakout above its 3 day Simple Moving Average at $649.5, a potential indicator of a newly emerging bullish phase. CME Corn's upper Bollinger Band® is at $685.48 and the lower is $634.54. CME Corn is climbing away and is now $13.75 from the $628 support line.
Although price action remains in a stalemate, technical analysis suggests CME Corn could be primed for a break to the upside.
Meanwhile, mixed performances are seen in other Grains as Rough Rice is down 30.5 cents from the beginning of the session and now trades around $17.06. Oats is up 2%. Having closed the previous session at $1,445, Soybeans is up 0.87% today to currently trade at around $1,457.5.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories is projected to outperform its last figure with -3.88 million, having previously been at -12.58 million. The figure will be published tomorrow at 15:30 UTC. United States EIA Short-Term Energy Outlook scheduled to come out today at 17:00 UTC.
The commodity has been trending lower for about a month. CME Corn is now trading 21.72% below the significant high of $818.25 it set around 7 months ago.