Bearish the Corn future mostly flat today, trading at $493.5

While on an 11 day downtrend Today is looking a bit better: Corn trades at $493.5 per bushel, after ending yesterday at $493.5.

Uncertainty around CME Corn is reflected by published market data as United States ISM Manufacturing PMI (Jun) came out at 46, while a consensus of analysts was expecting 47.2. United States ISM Manufacturing Employment (Jun) released yesterday at 14:00 UTC with a figure of 48.1, while the previous figure was 51.4. United States ISM Manufacturing Prices (Jun) released yesterday at 14:00 UTC with a figure of 41.8, while the previous figure was 44.2.

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.

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

Furthermore, the market is looking at United States FOMC Meeting Minutes scheduled to come out tomorrow at 18:00 UTC.

CME Corn has shed 22.44% over the past three months.