| 
February 22, 2023
Without a clear-cut direction, Corn is trading around $678.25 per bushel and ranging between $677.5 and $681.
United States FOMC Meeting Minutes is next.
This uncertain state for Corn is reflected by published market data as United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Corn's upper Bollinger Band® is at $685.82, suggesting that a downward move may follow. The Corn future fell below the $679.67 support zone and moved $1.42 beyond it; the next level of support with significant buyer interest is estimated at $678.58.
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 Rough Rice is down to $17.27, losing 22.5 cents, after closing at $17.5 in the preceding trading session.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.17 million, following on from the preceding figure of 16.28 million. New data is set to be published tomorrow at 16:00 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 200,000 while previous data was 194,000; data will be released tomorrow at 13:30 UTC. United States GDP is expected tomorrow at 13:30 UTC.
Trading mostly sideways for 2 months. The Corn future hit a significant low of $562.5 around 7 months ago, but has since recovered 21%.
