The Rough Rice future is down to $17.27 per cwt, after ending yesterday at $17.5. Overall, a 1.29% loss or 22.5 cents today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
While price action maintains a negative bias, United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Concerning technical analysis and more specifically, trend indicators, 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. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $17.17, a low enough level to, generally, suggest that the Rough Rice future is trading below its fair value.
With market volatility ebbing, the current technical outlook indicates Rough Rice will remain range-bound for the immediate future.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories projected to decline to 1.17 million while previous data was 16.28 million; data will be released tomorrow at 16:00 UTC. United States Initial Jobless Claims projected to decline to 200,000 while previous data was 194,000; data will be released tomorrow at 13:30 UTC.
Furthermore, United States GDP is expected tomorrow at 13:30 UTC.
Having set a significant high of $18.49 14 days ago, Rough Rice is trading 5.38% lower.