Bullish CME Rough Rice runs out of steam at $17.63; currently at $17.62 per cwt

After closing the previous trading day at $17.29, the Rough Rice future is up to $17.62 per cwt, which makes for a move of 1.91%/33 cents today.

New United States Crude Oil Inventories improved upon the previous -12.46 million figure while also exceeding analyst expectations with a reading of 4.49 million.

This move comes while some more positive signs for Rough Rice are out as highly important Crude Oil Inventories data from United States beat analyst expectations of -1.10 million with a reading of 4.49 million. Highly important Initial Jobless Claims data from United States beat analyst expectations of 235,000 with a reading of 232,000.

At the same time, United States ISM Manufacturing PMI (May) came out at 46.9, while a consensus of analysts was expecting 47.

The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions.

Overall, looking at the technical analysis landscape, it seems the Rough Rice future might continue pointing upwards in the short term.

This rally in the Rough Rice future's price coincides with other Grains as Soybeans improves 1.59% to trade around $1,164.75. Corn moves up 1.2% to trade around $528.

At the same time, Oats is trading around $341.25 (down $9.5).

Furthermore, the market is looking at as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 180,000, following on from the preceding figure of 253,000. New data is set to be published tomorrow at 12:30 UTC. United States Average Hourly Earnings projected to come out at 0.4% — worse than previous data of 0.5%; data will be released tomorrow at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.5 from the preceding figure of 3.4.

Over the past 3 months, Rough Rice has retreated 6.49% from a noteworthy peak of $18.49.