It's been more of the same this session on the back of 9 days of flat trade, Today's session so far looks to be heading in a similar way — CME Corn trades at $666 per bushel, after ending yesterday at $667.
Uncertainty around the Corn future is reflected by published market data as highly important Crude Oil Inventories data from United States beat analyst expectations of -2.76 million with a reading of -12.58 million. United States Pending Home Sales beat analyst expectations of -5% and the previous reading of -8.7% with new data of -4.6%. United States JOLTs Job Openings (Oct) came out at 10.33 million, while a consensus of analysts was expecting 10.3 million.
The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions.
Despite muted price action in the Corn future, chart analysis indicates it is positioned for a bullish run in the short term.
Moreover, United States Core PCE Price Index (MoM) (Oct) is expected today at 13:30 UTC. United States Non Farm Payrolls expected to decline to 200,000 while its preceding data was 261,000, data will be available tomorrow at 13:30 UTC. United States Initial Jobless Claims is projected to outperform its last figure with 235,000. It previously stood at 240,000; data will be released today at 13:30 UTC.
Trading mostly sideways for 29 days. Having set a significant high of $818.25 4 months ago, Corn is trading 18.58% lower.