CME Rice trades at $18.09 per cwt, after ending yesterday at $18.1.
United States Non Farm Payrolls is next today at 13:30 UTC.
CME Rough Rice's state is reflected by market data as United States Initial Jobless Claims came out at 183,000, better than analyst estimates of 200,000 and improving upon the previous reading of 186,000. United States Factory Orders released earlier showed a marked improvement to 1.8% from the preceding data of -1.9%, but fell short of the 2.3% figure forecast by a consensus of market analysts. United States Unit Labor Costs (QoQ) (Q4) came out at 1.1, while a consensus of analysts was expecting 1.5.
Rough Rice's upper Bollinger Band® is at $18.39, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests Rough Rice is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Grains as Soybeans trades close to $1,532, with no major change.
Moreover, United States Non Farm Payrolls projected to come out at 185,000 — worse than previous data of 223,000; data will be released today at 13:30 UTC. As things stand, upcoming United States Unemployment Rate data is projected to fall short of market expectations with newly published data of 3.6, following on from the preceding figure of 3.5. New data is set to be published today at 13:30 UTC. United States ISM Non-Manufacturing PMI (Jan) scheduled to come out today at 15:00 UTC.
This year has been a gloomy one for CME Rough Rice after trading as high as $18.41 and going on to lose 2.35% of its value.