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March 04, 2023
A quick look at yesterday: the Corn future rallied $7 (1.1%) deep into the session, reaching $640.75 per bushel.
Meanwhile, United States ISM Non-Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 55.1, while the previous figure was 55.2. United States CFTC Crude Oil speculative net positions came out at 224,200. Fresh CFTC Gold speculative net positions data from United States came out at 128,800.
Corn made an initial breakout above its 5 day Simple Moving Average at $639.9, a potential indicator of a newly emerging bullish phase. A "hammer” chart pattern. When appearing during a bearish trend, as it is now, it is typically considered to be an indication of a trend reversal. The Corn future's lower Bollinger Band® is at $626.43, indicating that the market is oversold and fertile for new buyers. On the other hand, note that although CME Corn is appreciating today after rising as high as $648.25, price action is now slowing and consolidating around $5.83 below the $646.58 resistance level.
Examining the technical analysis landscape, the Corn future might continue its downtrend in the short term.
This rally in the Corn future's price coincides with other Grains as Rough Rice went up by 1.28% yesterday, and closed at $17.46. Soybeans ascends 0.68% yesterday and closed at $1,509.25.
Meanwhile, Oats retreats 0.9% yesterday and closed at $333.5.
Trading mostly sideways for a month. 10 months ago Corn reached a significant high of $818.25 but has consequently lost 22.55% since then.
