A quick look at yesterday: having ended a bullish session yesterday at $584.25 per bushel, momentum helped the Corn future finish the day $2.75 or 0.47% higher, although mixed sentiments ensured CME Corn etched out a distinct $572 to $587.75 session range.
At the same time, United States Core PCE Price Index (MoM) (Mar) came out at 0.3, while a consensus of analysts was expecting 0.3. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 236,400, while the previous figure was 244,600. Fresh CFTC Gold speculative net positions data from United States came out at 185,300.
Analysis of the Corn future's recent price action suggests Corn is $6.42 away from testing key resistance at $590.67. Peaking above this level could inspire market bulls and open the path to further gains. Trend-focused traders 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. According to asset volatility analysis, Corn's lower Bollinger Band® is at $581.37, indicating that the market is oversold and fertile for new buyers.
All in all, the technical analysis suggests CME Corn has no clear-cut direction.
Rallies can also be seen in other Grains, Rough Rice is trading around $17.34 after ending yesterday's session at $17.05 (up 1.67% today). Soybeans added 1.1% and closed around $1,403.75 yesterday.
The Corn future is now trading 14.58% below its 3-month high of $818.25.