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April 15, 2023
Yesterday at a glance: the Corn future closed yesterday at $636.75 per bushel (with a daily low of $623) after ending Thursday at $625.5 and gaining 1.8%.
On the flip side, following a previous reading of 0%, Core Retail Sales in United States released yesterday at 12:30 UTC fell short of the -0.3% figure expected by analysts with an actual reading of -0.8%. Data from United States concerning Retail Sales was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of -0.2% to -1% this month.
At the same time, United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -307,600, while the previous figure was -321,500.
Corn made an initial breakout above its 21 day Simple Moving Average at $635, a potential indicator of a newly emerging bullish phase. In contrast, CME Corn is $5.08 away from testing key resistance at $641.83. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, looking at the technical analysis landscape, it seems the Corn future might continue pointing upwards in the short term.
Rallies can also be seen in other Grains, notably, Oats rose 1.06% yesterday and closed at $328.75.
Though Corn is going up, other Grains are underperforming — after ending yesterday's session at $17.25, Rough Rice lost 39.5 cents and is trading around $16.86.
Having set a significant high of $818.25 11 months ago, Corn is trading 23.56% lower.
