While the Rough Rice future in the midst of a 4 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $16.83, the Rough Rice future is up to $17.09 per cwt, which makes for a move of 1.54%/26 cents today.
United States Initial Jobless Claims didn't cause a noticeable effect even though it falls short expectations with 228,000.
Nevertheless, highly important Initial Jobless Claims data from United States beat analyst expectations of 200,000 with a reading of 228,000. Highly important Crude Oil Inventories data from United States beat analyst expectations of -2.33 million with a reading of -3.74 million.
At the same time, United States ISM Non-Manufacturing PMI (Mar) released yesterday at 14:00 UTC with a figure of 51.2, while the previous figure was 55.1.
Japanese candlestick formations show 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end.
This rally in the Rough Rice future's price coincides with other Grains as Soybeans is up 1.42%.
At the same time, Corn slides down 0.61% to trade around $648.75.
Furthermore, the market is looking at as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 239,000, following on from the preceding figure of 311,000. New data is set to be published tomorrow at 12:30 UTC.
Also worthy of note, United States Unemployment Rate is expected tomorrow at 12:30 UTC.
CME Rice is now trading 9% below the significant high of $18.49 it set around a month ago.