After nine days of going down, Corn is stable today, trading around $532.5

Corn recovers back to $532.5 per bushel after dipping down to $520.25 today, in a session that followed a closing value of $530.75.

United States's Initial Jobless Claims new data released of 261,000 below its previous figure.

Uncertainty around CME Corn is reflected by published market data as Initial Jobless Claims in United States fell short of market expectations (235,000) with a reading of 261,000, continuing the decline from the previous figure of 233,000. Crude Oil Inventories in United States fell short of market expectations (1 million) with a reading of -451,000, continuing the decline from the previous figure of 4.49 million. United States Cushing Crude Oil Inventories released yesterday at 14:30 UTC with a figure of 1.72 million, while the previous figure was 1.63 million.

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. On the other hand, note that Corn is oscillating around the $520.42 level serving as support.

Despite the market lacking direction, technical chart analysis strongly suggests Corn is positioned for a downward move in the near term.

Meanwhile, mixed performances are seen in other Grains as Oats moves up 3.41% to trade around $364. Having closed the previous session at $1,178.5, Soybeans is up 0.85% today to currently trade at around $1,188.5. Rough Rice is up 0.66%.

CME Corn has recovered 0.47% since descending to a significant low of $528.25 around a day ago.