Corn dropped to $520, hitting its lowest point in 1 year. It later recovered $10.25 and is now trading at $530.25.

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 CME Corn 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) released today at 14:00 UTC with a figure of 46.9, while the previous figure was 47.1.

Corn reversed direction at $599.33 resistance zone and retreated back $69.08 below it. Having crossed its lower Bollinger Band® at $541.83, the Corn future could be headed for a downward correction. On the other hand, note that Corn made an initial breakout above its 50 day Simple Moving Average at $603.58, a potential indicator of a newly emerging bullish phase. Having stamped out a session range of $520 to $536.5, Fibonacci-inclined Corn traders were highly concentrated around active Fibonacci resistance at $605.

Technical analysis suggests there could be an imminent reversal for the Corn future.

Rallies can also be seen in other Grains, Soybeans is up 1.87%.

Meanwhile, Oats closed at $341.75 (down 2.57%). Rough Rice closed at $14.79 (down 14.43%).

Furthermore, the market is looking at tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 180,000 from the preceding figure of 253,000. Projections for United States Average Hourly Earnings are set for a continuation of decline with 0.4% while previous data was 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.

The Corn future has lost 5.82% over the last 11 days.