It's been more of the same this session on the back of 7 days of flat trade, Today's session so far looks to be heading in a similar way — CME Corn trades at $679.25 per bushel, after ending yesterday at $677.75.
Corn's upper Bollinger Band® is at $685.62, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests Corn is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Grains as Oats gained 3.37% and is currently trading at $360.5. Soybeans is up 0.79%.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Existing Home Sales (Jan) scheduled to come out today at 15:00 UTC. United States FOMC Meeting Minutes will be released tomorrow at 19:00 UTC.
Trading mostly sideways for 2 months. Having set a significant low of $562.5 7 months ago, the Corn future is trading 20.49% higher.