After closing at $667.5 yesterday, the Corn future began today at $667 with significant bullish sentiment driving the Corn future's price action higher. So far today, price action has drawn out a distinct $671.25 to $675 range.
United States Crude Oil Inventories data will be released today at 15:30 UTC, with an expected improvement to 1.36 million (previous figure was -3.12 million).
Meanwhile, United States API Weekly Crude Oil Stock came out at 5.62 million, while a consensus of analysts was expecting 1.1 million. United States 3-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.605, while the previous figure was 4.318.
Technical analysis of the Corn future's past price action reveals multiple support and resistance levels: Corn could be slowing down soon as it approaches resistance at $675.58. Of course, crossing it might suggest further gains are ahead. 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. Analysis based on the asset volatility indicates that the Corn future's lower Bollinger Band® is at $669, indicating that the market is oversold and fertile for new buyers.
Overall, the technical outlook suggests the Corn future is likely to remain muted for the immediate future, with no clear-cut direction.
A look at other Grains also shows upside as Oats ascends 0.79% to trade around $383.75.
Other Grains are showing mixed performance as Soybeans moves 0.22% to trade around $1,449.75.
Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with 1.36 million. It previously stood at -3.12 million; data will be released today at 15:30 UTC.
Also worthy of note, United States Consumer Price Index is expected 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.
Trading mostly sideways for 3 months. The Corn future now trading 12.18% above its 3-month low of $551.5.