After 10 days of going down, the Corn future is up $2.75 yesterday

A quick look at yesterday: the Corn future closed at $584.25 per bushel yesterday after ranging between $572 and $587.75.

Meanwhile, United States Core PCE Price Index (MoM) (Mar) released yesterday at 12:30 UTC with a figure of 0.3, while the previous figure was 0.3. Fresh CFTC Crude Oil speculative net positions data from United States came out at 236,400. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 185,300, while the previous figure was 189,900.

Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Corn's lower Bollinger Band® is at $581.37, indicating that the market is oversold and fertile for new buyers. Chart analysis suggests the Corn future could be slowing down soon as it approaches resistance at $590.67. Of course, crossing it might suggest further gains are ahead.

All in all, the technical analysis suggests CME Corn has no clear-cut direction.

This rally in CME Corn's price coincides with other Grains as Rough Rice added 1.67% and closed around $17.05 yesterday. Notably, Soybeans rose 1.1% yesterday and closed at $1,403.75.

CME Corn is now trading 14.58% below its 3-month high of $818.25.