Tentatively higher from an earlier low of $668.25, Corn is up to $672.5 per bushel today, adding $3.5, or 0.52%, to yesterday's closing price of $669.
United States Existing Home Sales (Oct) is next today at 15:00 UTC.
Corn upside coincides with further encouraging market factors as United States Initial Jobless Claims came out at 222,000, better than analyst estimates of 225,000 and improving upon the previous reading of 226,000.
At the same time, United States Philadelphia Fed Manufacturing Index (Nov) came out at -19.4, while a consensus of analysts was expecting -6.2. United States Building Permits (Oct) released yesterday at 13:30 UTC with a figure of 1.53 million, while the previous figure was 1.56 million.
Corn is $4.75 away from testing key resistance at $677.25. Peaking above this level could inspire market bulls and open the path to further gains. Although up today, early price action saw Corn dropping below its 10 day Simple Moving Average at $668.52 — an early indicator that a new downward trend could be emerging. On the other hand, note that having stamped out a session range of $668.25 to $674, Fibonacci-inclined Corn traders were highly concentrated around active Fibonacci resistance at $673.58.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest the Corn future is set for a reversal in the coming days.
This rally in Corn's price coincides with other Grains as Soybeans ascends 0.65% to trade around $1,426.25. Rough Rice gained 0.25% and is currently trading at $17.77. Oats climbs 0.76% to trade around $395.75.
Furthermore, the market is looking at United States Existing Home Sales (Oct) is expected today at 15:00 UTC.
Corn has recovered 18.93% since descending to a significant low of $562.5 around 3 months ago.