Corn is grinding lower from $660.5 to $656.75 per bushel, shedding $3.75 (0.57%) today.
United States's Non Farm Payrolls new data released of 263,000 below its previous figure.
On the flip side, United States Non Farm Payrolls released today at 13:30 UTC is better than expected at 263,000 but down from preceding data of 284,000 according to new data.
While price action maintains a negative bias, new United States Unemployment Rate data was unchanged from the previous month and matched analyst projections of a reading of 3.7. United States ISM Manufacturing PMI (Nov) released yesterday at 15:00 UTC with a figure of 49, while the previous figure was 50.2.
Bollinger Bands® shows an indication of recovery: the lower band is at $643.21, a low enough level to, generally, suggest that Corn is trading below its fair value. Corn could begin to recover as it approaches significant support, now $15.33 away from $641.42. Dipping below could be an indication that further losses are ahead.
Technical analysis indicates that CME Corn (currently on a downtrend) might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other Grains as Rough Rice closed at $17.79 (down 1.93%). After ending yesterday's session at $378.5, Oats lost $2.5 and is trading around $376.
Furthermore, United States Unemployment Rate is expected today at 14:56 UTC.
The commodity has been trending lower for about 30 days. Having set a significant high of $818.25 4 months ago, Corn is trading 17.42% lower.