After three days of persistent declines, Corn stabilises around $625.25

Corn is trading at $625.25 per bushel after closing the previous day at $627.5.

United States Initial Jobless Claims is next today at 12:30 UTC.

This uncertain state for Corn is reflected by published market data as United States Crude Oil Inventories released earlier showed a marked improvement to -3.74 million from the preceding data of -7.49 million, but fell short of the -2.33 million figure forecast by a consensus of market analysts. United States ISM Non-Manufacturing PMI (Mar) released yesterday at 14:00 UTC with a figure of 51.2, while the previous figure was 55.1. United States ADP Nonfarm Employment Change (Mar) came out at 145,000, while a consensus of analysts was expecting 200,000.

Corn made an initial breakout above its 21 day Simple Moving Average at $638.89, a potential indicator of a newly emerging bullish phase. Corn's upper Bollinger Band® is at $664.95 and the lower is $608.23.

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 Oats is up 1.8%.

Furthermore, the market is looking at United States Non Farm Payrolls projected to decline to 239,000 while previous data was 311,000; data will be released 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 200,000 from the preceding figure of 198,000. United States Unemployment Rate figure is projected at 3.6. It previously stood at 3.6; data will be released tomorrow at 12:30 UTC.

Approximately 11 months ago, Corn reached a significant high of $818.25 but has struggled to hold onto its gains and declined 23.31% since then.