Without a clear-cut direction, CME Corn is trading around $659 per bushel and ranging between $652.25 and $658.5.
Corn made an initial break below its 3 day Simple Moving Average at $660.08, a possible indication of a forthcoming negative trend. In contrast, Corn bounced after reaching the $655.58 support zone, climbing $3.42 above it. A "hammer” chart pattern. When appearing during a bearish trend, as it is now, it is typically considered to be an indication of a trend reversal.
Although price action remains in a stalemate, technical analysis suggests the Corn future could be primed for a break to the downside.
Meanwhile, mixed performances are seen in other Grains as having closed the previous session at $387, Oats is up 1.55% today to currently trade at around $393. Rough Rice is down 7 cents from the beginning of the session and now trades around $17.91.
Moreover, United States Producer Price Index is projected to outperform its last figure with 0.5%. It previously stood at 0.4%; data will be released tomorrow at 13:30 UTC.
Corn hit a significant low of $562.5 around 3 months ago, but has since recovered 17%.