During a 3 day uptrend, CME Rough Rice gained a total of 31.5 cents, or 1.37%. Now turning against its recent performance, Rough Rice is down to $18.16 per cwt, after ending yesterday at $18.23. Overall, a 0.38% loss or 7 cents today.
Rough Rice's upper Bollinger Band® is at $18.49 which indicates a further downward move may follow.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts CME Rough Rice to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the CME Rough Rice is expected to attract significant bearish sentiment in the coming days.
Though CME Rice has been dropping, other Grains have been performing better: having closed the previous session at $666.25, Corn is up 0.49% today to currently trade at around $669.5.
At the same time, Soybeans trades around $1,492.75, with no major change.
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.6 million from the preceding figure of 8.41 million.
Trading mostly sideways for a month. The past 3 months have been positive for Rough Rice as it added 9.95% compared to its 3-month low of $14.9.