After closing at $17.2 yesterday, the Rough Rice future opened today at $17.16, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, the Rough Rice future retains a distinct $17.14 to $17.18 daily range.
United States Crude Oil Inventories data will be released today at 15:30 UTC, with an expected improvement to -3.31 million. the Rough Rice future reaction to indicator information will follow.
Meanwhile, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -6.43 million, while the previous figure was -7.85 million. United States Trade Balance (Oct) came out at -78.2 billion, while a consensus of analysts was expecting -80 billion. United States Exports is released with a new figure of 256.6 billion, this is down from preceding data of 258.5 billion.
Technical chart analysis shows Rough Rice could begin to recover as it approaches significant support, now 31 cents away from $16.83. Dipping below could be an indication that further losses are ahead. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Price action remains constrained around the key Fibonacci level of $17.17 currently serving as support. If price action breaks below, the next Fib hurdle is $16.98. According to asset volatility analysis, the Rough Rice future's lower Bollinger Band® is at $17.08, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates the Rough Rice future will remain range-bound for the immediate future.
At the same time, Soybeans moves 0.31% to trade around $1,466.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Initial Jobless Claims are set for a continuation of decline with 230,000 while previous data was 225,000; data will be released tomorrow at 13:30 UTC.
Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -3.31 million. It previously stood at -12.58 million; data will be released today at 15:30 UTC.
14 days ago CME Rice reached a significant high of $18 but has consequently lost 4.53% since then.