After eight days of going down, CME Corn is flat today, hovering around $629.5

CME Corn is now trading at $629.5 per bushel after tracing out a steady $626.5 – $630 range today.

United States Initial Jobless Claims is next.

Uncertainty around the Corn future is reflected by published market data as data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 597,000, beating projections of -583,000 and showing improvement over the preceding figure of -3.74 million. United States Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.2%. United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 5%, while the previous figure was 6%.

Corn made an initial breakout above its 3 day Simple Moving Average at $628.92, a potential indicator of a newly emerging bullish phase. The Corn future is approaching key support, around $4.83 away from $624.67. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

Despite muted price action in CME Corn, chart analysis indicates it is positioned for a bullish run in the short term.

Meanwhile, mixed performances are seen in other Grains as having closed the previous session at $1,472.25, Soybeans is up 0.7% today to currently trade at around $1,482.5. Rough Rice gained 0.4% and is now trading at $17.41.

Furthermore, the market is looking at United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released today at 12:30 UTC. As things stand, upcoming United States Core Retail Sales data is projected to fall short of market expectations with newly published data of -0.3%, following on from the preceding figure of -0.1%. New data is set to be published tomorrow at 12:30 UTC. Today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 232,000 from the preceding figure of 228,000.

Approximately 11 months ago, Corn reached a significant high of $818.25 but has struggled to hold onto its gains and declined 23.28% since then.