After closing the previous trading day at $618.5, the Corn future rose as high as $637.25 today before paring back gains and trading at $618.25 per bushel.
This uncertain state for Corn is reflected by published market data as following a previous reading of 190,000, Initial Jobless Claims in United States released today at 13:30 UTC fell short of the 195,000 figure expected by analysts with an actual reading of 211,000. Crude Oil Inventories in United States fell short of market expectations (395,000) with a reading of -1.69 million, continuing the decline from the previous figure of 1.17 million. United States JOLTs Job Openings (Jan) released yesterday at 15:00 UTC with a figure of 10.82 million, while the previous figure was 11.23 million.
Corn's upper Bollinger Band® is at $691.31 and the lower is $607.12. CME Corn is approaching key support, around $13.17 away from $605.08. 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.
Despite muted price action in Corn, chart analysis indicates it is positioned for a bullish run in the short term.
Furthermore, the market is looking at United States Non Farm Payrolls projected to come out at 205,000 — worse than previous data of 517,000; data will be released tomorrow at 13:30 UTC. United States Unemployment Rate figure is projected at 3.4. It previously stood at 3.4; data will be released tomorrow at 13:30 UTC.
Trading mostly sideways for a month. So far this year, Corn has declined 8.84% while touching highs around $818.25 earlier this year.