While trading sideways for 11 days, Today's session suggests a further slowdown — CME Corn drops from $679 to $675 per bushel, losing $4 (0.59%) today.
United States Fed Chair Powell speech is next today at 17:00 UTC.
Meanwhile, United States Trade Balance (Dec) came out at -67.4 billion, while a consensus of analysts was expecting -68.5 billion. United States Exports released today at 13:30 UTC with a figure of 250.2 billion, while the previous figure was 251.9 billion. Beating their previous number of 313.4 billion, United States Imports released 317.6 billion today at 13:30 UTC.
Corn's notable support and resistance levels: Corn could begin to recover as it approaches significant support, now $1.58 away from $673.42. Dipping below could be an indication that further losses are ahead. Trend-following investors would be interested to note that despite being in the red so far in the current trading session, Corn peaked above its 10 day Simple Moving Average around $677.73 — typically an early indicator of a new bullish trend beginning to emerge. Analysis based on the asset volatility indicates that the Corn future's upper Bollinger Band® is at $691.26 which indicates a further downward move may follow.
Overall, the technical outlook suggests Corn is likely to remain muted for the immediate future, with no clear-cut direction.
Grains have been showing mixed performances as Soybeans moves 0.18% to trade around $1,524.
Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories projected to decline to 2.15 million while previous data was 4.14 million; data will be released tomorrow at 15:30 UTC.
Furthermore, United States Fed Chair Powell speech will be released today at 17:00 UTC. United States EIA Short-Term Energy Outlook is scheduled for today at 17:00 UTC.
Trading mostly sideways for 2 months. 6 months ago, Corn fell to a low of $562.5 but has since recovered 20.71%.