After ending yesterday at $656.75, CME Corn ascended as high as $660.75 before meeting resistance. Undeterred, CME Corn posted a fresh rally late in the trading session targeting $662.75 per bushel.
United States Building Permits is next today at 13:00 UTC.
Meanwhile, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -4.8 million, while the previous figure was -5.83 million. United States 7-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.89, while the previous figure was 4.027.
Corn's lower Bollinger Band® is at $648.6, indicating that the market is oversold and fertile for new buyers. Despite this, Corn could be slowing down soon as it approaches resistance at $665.42. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems the Corn future might continue pointing upwards in the short term.
This rally in Corn's price coincides with other Grains as Soybeans added 0.58% to its value, now trading at $1,438.
Meanwhile, Rough Rice is down to $17.88, losing 7 cents, after closing at $17.95 in the preceding trading session. Oats is trading around $396.5 (down $3.25).
Moreover, macro data could boost sentiment further as United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%, having previously been at -0.5%. The figure will be published today at 13:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -1 million. It previously stood at -5.4 million; data will be released today at 15:30 UTC.
Furthermore, the market is looking at United States New Home Sales (Oct) scheduled to come out today at 15:00 UTC.
CME Corn reached a significant high of $818.25 around 6 months ago but has lost 19.74% since then.