The Corn future drops $9.75 early on and steadies around the $683 per bushel level.
Initial Jobless Claims data from United States will be released today at 12:30 UTC with analysts expecting a decline to 220,000. Potentially significant price fluctuations in the Corn future are expected to follow.
Highly important Crude Oil Inventories data from United States beat analyst expectations of 367,000 with a reading of -3.12 million.
Amid the market gloom, United States Interest Rate released yesterday at 18:00 UTC with a figure of four, while the previous figure was 3.25. United States ADP Nonfarm Employment Change (Oct) came out at 239,000, while a consensus of analysts was expecting 195,000.
Corn's upper Bollinger Band® is at $699.25 which indicates a further downward move may follow. Despite this, despite being in the red so far in the current trading session, CME Corn peaked above its 200 day Simple Moving Average around $688.63 — typically an early indicator of a new bullish trend beginning to emerge.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for CME Corn.
Taking a look at other Grains commodities, negative performances are evident as Rough Rice is down 18 cents from the beginning of the session and now trades around $17.4. Soybeans is down to $1,441.5, losing $12.5, after closing at $1,454 in the preceding trading session. Oats slips 1.19% to trade around $393.
Looking ahead, ongoing depreciation may be prolonged as United States Non Farm Payrolls projected to decline to 200,000 while previous data was 263,000; data will be released tomorrow at 12:30 UTC. Projections for United States Unemployment Rate are set for a continuation of decline with 3.6 while previous data was 3.5; data will be released tomorrow at 12:30 UTC.
Furthermore, United States ISM Non-Manufacturing PMI (Oct) is scheduled for today at 14:00 UTC.
Trading mostly sideways for 3 months. Corn now trading 16.23% above its 3-month low of $551.5.