It's been more of the same this session on the back of 6 days of flat trade, Today's session so far looks to be heading in a similar way — CME Corn trades at $674.25 per bushel, after ending yesterday at $674.75.
United States Initial Jobless Claims is next today at 13:30 UTC.
This uncertain state for CME Corn is reflected by published market data as United States Crude Oil Inventories published yesterday at 15:30 UTC came out at 533,000, falling short of the 971,000 projections and continuing its decline from the previous 8.41 million figure. United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories came out at 4.27 million.
Corn's upper Bollinger Band® is at $692, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests the Corn future is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Grains as after ending yesterday's session at $378, Oats lost $7 and is trading around $371.
Moreover, as things stand, upcoming United States Core Durable Goods Orders data is projected to fall short of market expectations with newly published data of -0.2%, following on from the preceding figure of 0.1%. New data is set to be published today at 13:30 UTC. United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released tomorrow at 15:00 UTC. United States Core PCE Price Index (MoM) (Dec) will be released tomorrow at 13:30 UTC.
Trading mostly sideways for a month. After hitting an important low of $562.5 approximately 6 months ago, Corn has bounced back 19.96% since.