After having ended yesterday at $16.67, the Rough Rice future is down to $16.65 per cwt today. Overall, a 0.12% move or 2 cents.
While price action maintains a negative bias, United States NY Empire State Manufacturing Index (Oct) came out at -9.1, while a consensus of analysts was expecting -4.
Rough Rice could begin to recover as it approaches significant support, now 1 cents away from $16.64. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, the Rough Rice future peaked above its 10 day Simple Moving Average around $16.92 — typically an early indicator of a new bullish trend beginning to emerge. Rough Rice's lower Bollinger band is at $16.47, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Technical analysis shows that Rough Rice (currently on a downtrend) might reverse course and start going up in the short term.
Taking a look at other Grains commodities, negative performances are evident as after ending yesterday's session at $683.5, Corn lost $4.75 and is trading around $678.75.
Looking ahead, ongoing depreciation may be prolonged 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) scheduled to come out tomorrow at 12:30 UTC.
The commodity has been trending lower for about a month. CME Rough Rice is now trading 6.56% below the significant high of $17.84 it set around a month ago.