Continuing its five day losing streak, Corn further drops by 1.84% to close at $614.5

A quick look at yesterday: CME Corn slid down from $626 to $614.5 per bushel, taking a $11.5 loss (1.84%)

While price action maintains a negative bias, United States Services PMI released yesterday at 13:45 UTC with a figure of 53.7, while the previous figure was 52.6. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 244,600, while the previous figure was 235,600. United States CFTC Gold speculative net positions came out at 189,900.

Chart analysis indicates Corn could begin to recover as it approaches significant support, now $6.75 away from $607.75. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, 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. Corn is currently flirting with an active Fibonacci support level around $612.25. Analysis based on the asset volatility indicates that CME Corn's lower Bollinger Band® is at $609.84, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

With market volatility ebbing, the current technical outlook indicates Corn will remain range-bound for the immediate future.

Corn's value drop coincided with the fact that Soybeans lost 1.31% yesterday and closed at $1,468.5.

Though Corn has been dropping, other Grains have been performing better: Rough Rice added 1.04% and closed around $16.89 yesterday.

CME Corn has shed 9.08% over the past three months.