While Rough Rice is on an 8 day bullish trend, Today's session might suggest a slow down — a mostly flat day so far for CME Rice, ranging between $17.86 and $17.95; currently at $17.94 per cwt.
New United States Crude Oil Inventories improved upon the previous -3.12 million figure while also exceeding analyst expectations with a reading of 3.92 million.
This uncertain state for CME Rough Rice is reflected by published market data as United States Crude Oil Inventories came out at 3.92 million, better than analyst estimates of 1.36 million and improving upon the previous reading of -3.12 million. United States Cushing Crude Oil Inventories released today at 15:30 UTC with a figure of -923,000, while the previous figure was 1.27 million. United States API Weekly Crude Oil Stock came out at 5.62 million, while a consensus of analysts was expecting 1.1 million.
Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that the Relative Strength Index indicates the Rough Rice future is in an overbought condition. Analysis based on the asset volatility indicates that Rough Rice's upper Bollinger Band® is at $18.03, suggesting that a downward move may follow. Technical analysis shows that the Rough Rice future is climbing away and is now 13 cents from the $17.81 support line.
Notwithstanding CME Rice's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Meanwhile, mixed performances are seen in other Grains as Soybeans is up 0.5%. Corn is down $5.25 from the beginning of the session and now trades around $668.5.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Consumer Price Index figure is projected at 0.6%. It previously stood at 0.4%; data will be released tomorrow at 13:30 UTC. United States Core Consumer Prices figure is projected at 0.5%. It previously stood at 0.6%; data will be released tomorrow at 13:30 UTC. United States Consumer Price Index is expected tomorrow at 13:30 UTC.
The Rough Rice future is currently trading 32.14% higher since its 12-month low of $13.56.