CME Corn weakened earlier in the day, before moving away from its $668.75 low and recovering back to $669.75 per bushel.
Corn's upper Bollinger Band® is at $685.31 which indicates a further downward move may follow. Despite this, Corn could begin to recover as it approaches significant support, now $2.67 away from $667.08. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts CME Corn to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the Corn future is expected to attract significant bearish sentiment in the coming days.
Taking a look at other Grains commodities, negative performances are evident as Rough Rice closed at $18.05 (down 0.58%). After ending yesterday's session at $1,527.75, Soybeans lost $10.25 and is trading around $1,517.5.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 13:30 UTC data for United States Producer Price Index will be released, with an expected decline to -0.1% from the preceding figure of 0.3%. United States Core Retail Sales projected to decline to -0.4% while previous data was -0.2%; data will be released tomorrow at 13:30 UTC. Tomorrow at 13:30 UTC data for United States Retail Sales will be released, with an expected decline to -0.8% from the preceding figure of -0.6%.
Trading mostly sideways for a month. CME Corn is now trading 20% above the significant low ($562.5) it slumped to 5 months ago.