CME Corn is trading around $628.5 per bushel, down by $6 (0.95%)

The Corn future drops $6 early on and steadies around the $628.5 per bushel level.

Initial Jobless Claims data from United States will be released today at 13:30 UTC with analysts expecting a decline to 195,000. Potentially significant price fluctuations in the Corn future are expected to follow.

Highly important Crude Oil Inventories data from United States beat analyst expectations of 395,000 with a reading of -1.69 million.

Amid the market gloom, United States JOLTs Job Openings (Jan) released yesterday at 15:00 UTC with a figure of 10.82 million, while the previous figure was 11.23 million. United States ADP Nonfarm Employment Change (Feb) came out at 242,000, while a consensus of analysts was expecting 200,000.

Corn could begin to recover as it approaches significant support, now $3.58 away from $624.92. Dipping below could be an indication that further losses are ahead. Bollinger Bands® shows an indication of recovery: the lower band is at $613.72, a low enough level to, generally, suggest that the Corn future is trading below its fair value.

Technical analysis indicates that the Corn future (currently on a downtrend) might reverse course and start pointing upward in the short term.

Positive performances can be seen by looking at other Grains markets as Soybeans is up 0.56%. Oats gained 0.94% and is currently trading at $348.5. Rough Rice is up 0.31%.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Non Farm Payrolls projected to decline to 205,000 while previous data was 517,000; data will be released tomorrow at 13:30 UTC. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 195,000, following on from the preceding figure of 190,000. New data is set to be published today at 13:30 UTC.

Furthermore, United States Unemployment Rate figure is projected at 3.4. It previously stood at 3.4; data will be released tomorrow at 13:30 UTC.

Trading mostly sideways for a month. So far this year, Corn has declined 6.69% while touching highs around $818.25 earlier this year.