After closing at $17.74 yesterday, CME Rough Rice began today at $17.66 with significant bullish sentiment driving CME Rough Rice's price action higher. So far today, price action has drawn out a distinct $17.62 to $17.95 range.
CME Rice is currently trading at $17.79 following the release of Building Permits (Oct) data from the United States.
This move comes while some more positive signs for the Rough Rice future are out as United States Initial Jobless Claims beat analyst expectations of 225,000 and the previous reading of 226,000 with new data of 222,000.
At the same time, United States Philadelphia Fed Manufacturing Index (Nov) came out at -19.4, while a consensus of analysts was expecting -6.2. United States Building Permits (Oct) released today at 13:30 UTC with a figure of 1.53 million, while the previous figure was 1.56 million.
Rough Rice broke through the $17.77 resistance, climbing 2 cents above it. CME Rice made an initial breakout above its 10 day Simple Moving Average at $17.82, a potential indicator of a newly emerging bullish phase.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts CME Rice to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the the Rough Rice future is expected to pick up significant bullish sentiment in the coming days.
At the same time, Soybeans is trading around $1,416.75 (down $12.5).
Also worthy of note, United States Existing Home Sales (Oct) is expected tomorrow at 15:00 UTC.
Approximately 7 days ago, the Rough Rice future reached a significant high of $18 but has struggled to hold onto its gains and declined 1.47% since then.