Without a clear-cut direction, the Corn future is trading around $608.5 per bushel and ranging between $607 and $612.
United States Core Durable Goods Orders is next today at 12:30 UTC.
Corn's state is reflected by market data as United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000. Consumer Confidence in United States fell short of market expectations (104) with a reading of 101.3, continuing the decline from the previous figure of 104. United States Building Permits released yesterday at 12:10 UTC with a figure of 1.43 million, while the previous figure was 1.55 million.
Corn made an initial breakout above its 3 day Simple Moving Average at $612.92, a potential indicator of a newly emerging bullish phase. The Corn future's upper Bollinger Band® is at $656.83 and the lower is $602.57. Corn is approaching key support, around $6.17 away from $602.33. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
With market volatility ebbing, the current technical outlook indicates the Corn future will break higher above its recent ranges in the immediate future.
Meanwhile, mixed performances are seen in other Grains as after ending yesterday's session at $17.15, Rough Rice lost 4 cents and is trading around $17.11. Soybeans trades with no major change, around $1,420.25.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Core Durable Goods Orders projected to come out at -0.2% — worse than previous data of -0.1%; data will be released today at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -1.49 million. It previously stood at -4.58 million; data will be released today at 14:30 UTC. United States Pending Home Sales projected to decline to 0.5% while previous data was 0.8%; data will be released tomorrow at 14:00 UTC.
Corn is now trading 9.83% below its 3-month high of $818.25.