The Corn future is on an 11 day downtrend Today is looking a bit better: the Corn future trades at $645 per bushel, after ending yesterday at $643.5.
United States Consumer Confidence is next today at 15:00 UTC.
Uncertainty around Corn is reflected by published market data as data for United States Pending Home Sales published yesterday at 15:00 UTC came out at 8.1%, beating projections of 1% and showing improvement over the preceding figure of 1.1%. Highly important Core Durable Goods Orders data from United States beat analyst expectations of 0.1% with a reading of 0.7%. Core Durable Goods Orders in United States fell short of market expectations (-4%) with a reading of -4.5%, continuing the decline from the previous figure of 5.1%.
Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that the Corn future's upper Bollinger Band® is at $695.28 and the lower is $644.95.
Overall, the technical outlook suggests the Corn future is likely to remain muted for the immediate future, with no clear-cut direction.
Meanwhile, mixed performances are seen in other Grains as Oats closed at $343.75 (down 9.12%).
Furthermore, the market is looking at tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 440,000 from the preceding figure of 7.65 million. United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released today at 15:00 UTC. United States ISM Manufacturing PMI (Feb) is scheduled for tomorrow at 15:00 UTC.
Trading mostly sideways for a month. CME Corn is now trading 21.36% below the significant high of $818.25 it set around 10 months ago.