Without a clear-cut direction, the Corn future is trading around $641.5 per bushel and ranging between $641 and $647.5.
- The Corn future is currently trading at $641.5 following the release of Building Permits (Mar) data from the United States.
- While flat so far today, Corn is on a 4 day bullish trend, gaining a total of $16 throughout.
United States Building Permits (Mar) came out at 1.41 million, while a consensus of analysts was expecting 1.45 million. United States Housing Starts published today at 12:30 UTC came out at -0.8%, falling short of the 0.4% projections and continuing its decline from the previous 7.3% figure.
Chart analysis suggests Corn is approaching key support, around $6.75 away from $634.75. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
As things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of -2.46 million, following on from the preceding figure of 597,000. New data is set to be published tomorrow at 14:30 UTC.
Oats is up 1.93%. Soybeans increases 0.54% to trade around $1,493.5. Rough Rice is down to $16.87, losing 4 cents, after closing at $16.91 in the preceding trading session.
The Corn future has fallen back around 21.48% from the significant high of $818.25 set 11 months ago.