CME Corn was flat yesterday following 10 consecutive days of gains

Yesterday at a glance: a quiet day for Corn as it remained range-bound within a $572.75 – $593.75 range before closing at $583.25 per bushel.

This uncertain state for Corn is reflected by published market data as United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 216,600, while the previous figure was 214,800. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 195,800, while the previous figure was 195,600. United States CFTC Nasdaq 100 speculative net positions came out at 21,400.

Corn made an initial breakout above its 10 day Simple Moving Average at $589.1, a potential indicator of a newly emerging bullish phase. The Corn future's upper Bollinger Band® is at $615.35 and the lower is $570.17. Corn is climbing away and is now $10.5 from the $572.75 support line. On the other hand, note that CME Corn is currently flirting with an active Fibonacci support level around $578.75.

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

Meanwhile, mixed performances are seen in other Grains as notably, Rough Rice rose 0.9% yesterday and closed at $18.32. Soybeans is down to $1,389.5, losing $16, after ending the previous session around $1,405.5.

The commodity has been trending lower for about a month. The Corn future has shed 14.09% over the past three months.