Bearish Corn mostly flat today, trading at $638.25

Corn has been losing ground for 16 days, shedding a total of 6.69% of its value. Today is looking a bit better: after dropping down to $638.25, the Corn future recovers some losses and is currently trading at $638.25 per bushel.

This uncertain state for the Corn future is reflected by published market data as United States Factory Orders released today at 15:00 UTC is better than expected at -1.6% but down from preceding data of 1.7% according to new data.

Trend analysis indicates that Corn made an initial break below its 5 day Simple Moving Average at $637.85, a possible indication of a forthcoming negative trend. Asset volatility analysis shows that CME Corn's upper Bollinger Band® is at $696.56 and the lower is $623.19. Following today's trading session, chart analysis suggests Corn is approaching key support, around $1.33 away from $636.92. 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.

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

Meanwhile, mixed performances are seen in other Grains as Oats closed at $325 (down 2.03%). Rough Rice is down 8 cents from the beginning of the session and now trades around $16.92.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Fed Chair Powell testimony set for tomorrow at 15:00 UTC. United States EIA Short-Term Energy Outlook is expected tomorrow at 17:00 UTC.

Trading mostly sideways for a month. Over the past 10 months, the Corn future has retreated 21.81% from a noteworthy peak of $818.25.