CME Corn is grinding lower from $683.5 to $678 per bushel, shedding $5.5 (0.8%) today.
While price action maintains a negative bias, United States NY Empire State Manufacturing Index (Oct) released yesterday at 12:30 UTC with a figure of -9.1, while the previous figure was -1.5.
Chart analysis suggests Corn pushed below the $682.25 support level and extended $4.25 beyond it. Trend and momentum analysis indicates that CME Corn made an initial break below its 21 day Simple Moving Average at $681.31, a possible indication of a forthcoming negative trend. According to asset volatility analysis, Bollinger bands shows an indication of recovery: the lower band is at $663.49, a low enough level to, generally, suggest that CME Corn is trading below its fair value.
Overall, the technical outlook suggests CME Corn is likely to remain muted for the immediate future, with no clear-cut direction.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories expected to decline to 1.55 million while its preceding data was 9.88 million, data will be available tomorrow at 14:30 UTC.
Furthermore, United States Building Permits (Sep) is scheduled for tomorrow at 12:30 UTC.
Trading mostly sideways for 2 months. The past 3 months have been positive for Corn as it added 13.49% compared to its 3-month low of $530.25.