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March 05, 2023
Friday at a glance: with a daily low of $17.33, CME Rice closed Friday at $17.46 per cwt, after ending Thursday at $17.24 and gaining 22 cents (1.28%).
Despite posting gains on Friday, Rough Rice slid below its 5 day Simple Moving Average at $17.37 during the last session — an early indicator that a negative trend could be emerging. CME Rough Rice could be slowing down soon as it approaches resistance at $17.72. Of course, crossing it might suggest further gains are ahead.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest CME Rice is set for a reversal in the coming days.
This rally in CME Rough Rice's price coincides with other Grains as Corn went up by 1.1% Friday, and closed at $640.75. Soybeans moves up 0.68% Friday and closed at $1,509.25.
Meanwhile, Oats is down to $330.5, losing $3, after ending the previous session around $333.5.
Approximately 25 days ago, the Rough Rice future reached a significant high of $18.49 but has struggled to hold onto its gains and declined 6.76% since then.
