Without a clear-cut direction, the Corn future is trading around $642 per bushel and ranging between $641 and $644.
- The Corn future is currently trading at $642 following the release of Initial Jobless Claims data from the United States.
- While flat so far today, CME Corn is on a 3 day bullish trend, gaining a total of $12.5 throughout.
United States Crude Oil Inventories released earlier showed a marked improvement to -5.19 million from the preceding data of -12.58 million, but fell short of the -3.31 million figure forecast by a consensus of market analysts. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of -373,000, while the previous figure was -415,000.
Corn made an initial breakout above its 5 day Simple Moving Average at $642.95, a potential indicator of a newly emerging bullish phase. The Corn future's upper Bollinger Band® is at $680.31 and the lower is $631.74. The Corn future is approaching key support, around $5.75 away from $636.25. 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.
With market volatility ebbing, the current technical outlook indicates CME Corn will break higher above its recent ranges in the immediate future.
United States Producer Price Index is expected tomorrow at 13:30 UTC.
Soybeans moves 0.27% to trade around $1,481.25.
The commodity has been trending lower for about a month. Corn is now trading 21.63% below the significant high of $818.25 it set around 7 months ago.