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May 02, 2023After closing the previous trading day at $584.5, CME Corn is up to $588.75 per bushel, which makes for a move of 0.73%/$4.25 today.
At the same time, United States ISM Manufacturing PMI (Apr) came out at 47.1, while a consensus of analysts was expecting 46.8. United States ISM Manufacturing Prices (Apr) released yesterday at 14:00 UTC with a figure of 53.2, while the previous figure was 49.2. United States ISM Manufacturing Employment (Apr) came out at 50.2, while a consensus of analysts was expecting 47.9.
Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that CME Corn's lower Bollinger Band® is at $573.51, indicating that the market is oversold and fertile for new buyers.
With market volatility ebbing, the current technical outlook indicates CME Corn will remain range-bound for the immediate future.
This rally in the Corn future's price coincides with other Grains as Soybeans ascends 0.67% to trade around $1,437. Oats is up 1.48%. Rough Rice is up 0.48%.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with -1,000,000. It previously stood at -5 million; data will be released tomorrow at 14:30 UTC.
The market is looking forward to the release of new data: United States Interest Rate is expected tomorrow at 18:00 UTC. United States ADP Nonfarm Employment Change (Apr) scheduled to come out tomorrow at 12:15 UTC.
The commodity has been trending lower for about 29 days. Corn is now trading 14.2% below its 3-month high of $807.25.
