4 days and $1.44 of gains were not enough. As the session continues, it seems to maintain one direction — currently trading at $18.12 per cwt, CME Rough Rice remains range-bound between $18.05 and $18.12.
United States Consumer Confidence data will be released today at 15:00 UTC, with an expected improvement to 101 (previous figure was 100.2).
Meanwhile, United States Building Permits (Nov) released yesterday at 13:30 UTC with a figure of 1.34 million, while the previous figure was 1.51 million. United States API Weekly Crude Oil Stock came out at -3 million, while a consensus of analysts was expecting -167,000. United States Housing Starts (Nov) came out at 1.43 million.
Bollinger Band® analysis indicates that current price action is approaching the upper band at $18.45, thereby suggesting that Rough Rice is becoming overvalued. Despite this, Rough Rice broke through the $18.12 resistance, climbing 4 cents above it.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates CME Rough Rice is set for a reversal in the coming days.
This rally in CME Rough Rice's price coincides with other Grains as Soybeans ascends 0.42% to trade around $1,486.
Other Grains are showing mixed performance as Corn moves 0.15% to trade around $653.
Furthermore, the market is looking at United States Crude Oil Inventories projected to come out at -1.66 million — worse than previous data of 10.23 million; data will be released today at 15:30 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 222,000 while previous data was 211,000; data will be released tomorrow at 13:30 UTC.
Also worthy of note, United States Existing Home Sales (Nov) scheduled to come out today at 15:00 UTC.
The Rough Rice future hit a significant low of $13.86 around a year ago, but has since recovered 30.41%.