Stable at $679 and still trending upwards, Today's session might suggest a slow down — CME Corn is trading at $679 per bushel after closing the previous day at $679.5.
Uncertainty around the Corn future is reflected by published market data as data for United States Crude Oil Inventories published yesterday at 16:00 UTC came out at 718,000, beating projections of -1.52 million and showing improvement over the preceding figure of -5.89 million. Highly important Initial Jobless Claims data from United States beat analyst expectations of 225,000 with a reading of 225,000. United States 7-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.921, while the previous figure was 3.89.
Support/Resistance levels obtained from chart analysis indicate that Corn is approaching key support, around $1.75 away from $677.25. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Trend-following investors would be interested to note that investors are seeking long positions as CME Corn price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Japanese candlestick formations show 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. According to asset volatility analysis, the Corn future's upper Bollinger Band® is at $684.74, suggesting that a downward move may follow.
Overall, while CME Corn has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Grains as having closed the previous session at $1,516.25, Soybeans is up 0.69% today to currently trade at around $1,526.75.
The Corn future is up 20.8% from the significant low of $562.5 it hit 5 months ago.