CME Corn was flat Thursday following four consecutive days of gains

Thursday at a glance: after ending Wednesday at $619.75, the Corn future went up to $627.25 only to drop back to its starting point and close at $620.75 per bushel.

Uncertainty around the Corn future is reflected by published market data as United States Unemployment Rate beat analyst expectations of 3.6 and the previous reading of 3.6 with new data of 3.5. United States Non Farm Payrolls fell short of the 239,000 projections, with new data of 236,000. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 226,100, while the previous figure was 181,100.

Corn made an initial breakout above its 21 day Simple Moving Average at $638.89, a potential indicator of a newly emerging bullish phase. Corn's upper Bollinger Band® is at $664.74 and the lower is $605.86. Corn is approaching key support, around $3.42 away from $624.17. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

Despite muted price action in CME Corn, chart analysis indicates it is positioned for a bullish run in the short term.

While the Corn future was pretty flat Thursday, mixed performances were seen elsewhere as Rough Rice rises 0.21% Thursday and closed at $16.86.

CME Corn is now trading 24.26% below the significant high of $818.25 it set around 11 months ago.