Bullish Rough Rice runs out of steam at $16.48; currently at $16.48 per cwt

After closing the previous trading day at $16.34, CME Rough Rice is up to $16.48 per cwt, which makes for a move of 0.8%/13 cents today.

Trend-focused traders would be interested to note that 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. Analysis based on the asset volatility indicates that CME Rice's lower Bollinger Band® is at $16.18, indicating that the market is oversold and fertile for new buyers.

Overall, the technical outlook suggests the Rough Rice future is likely to remain muted for the immediate future, with no clear-cut direction.

This rally in CME Rice's price coincides with other Grains as Oats is up 1.6% to $348.5.

Other Grains are showing mixed performance as Soybeans moves 0.22% to trade around $1,510.25.

Elsewhere, United States Consumer Price Index figure is projected at 0.4%. It previously stood at 0.5%; data will be released tomorrow at 12:30 UTC. United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Core Consumer Prices is expected tomorrow at 12:30 UTC.

Having set a significant high of $18.49 a month ago, Rough Rice is trading 11.6% lower.