It's been more of the same this session on the back of 8 days of flat trade, Today's session so far looks to be heading in a similar way — without a clear-cut direction, CME Corn is trading around $679 per bushel and ranging between $679 and $682.5.
United States Consumer Confidence is next.
This uncertain state for the Corn future is reflected by published market data as United States Services PMI released yesterday at 13:45 UTC with a figure of 46.6, while the previous figure was 49.3. United States Composite PMI came out at 47.3, while a consensus of analysts was expecting 49.3. United States Manufacturing PMI released yesterday at 13:45 UTC with a figure of 49.9, while the previous figure was 52.
Corn made an initial break below its 21 day Simple Moving Average at $681.31, a possible indication of a forthcoming negative trend. The Corn future's upper Bollinger Band® is at $697.75, suggesting that a downward move may follow. Despite this, Corn is currently alternating around $680.5 with price action moving above and below this key level throughout the session.
Despite the market lacking direction, technical chart analysis strongly suggests CME Corn is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Grains as Oats slides down 0.9% to trade around $359.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories is projected to outperform its last figure with 200,000. It previously stood at -1.73 million; data will be released tomorrow at 14:30 UTC. United States New Home Sales (Sep) will be released tomorrow at 14:00 UTC. Today at 14:00 UTC data for United States Consumer Confidence will be released, with an expected decline to 106.5 from the preceding figure of 108.
Trading mostly sideways for 3 months. The past 3 months have been positive for Corn as it added 17.45% compared to its 3-month low of $538.