Continuing its four day losing streak, the Corn future further drops by 1.55% to close at $650

A quick look at yesterday: after a mostly steady day, CME Corn lost $10.25 late into the session and closed at $650 per bushel.

Meanwhile, United States New Home Sales (Jan) came out at 670,000, while a consensus of analysts was expecting 620,000. United States Core PCE Price Index (MoM) (Jan) released yesterday at 13:30 UTC with a figure of 0.6, while the previous figure was 0.4. United States CFTC S&P 500 speculative net positions came out at -222,300.

Technical analysis shows that Corn could begin to recover as it approaches significant support, now $4.67 away from $645.33. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note 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. After descending below strong Fibonacci support at $655.88, market bears have earmarked $647.5 as the next downside target. Asset volatility analysis shows that the Corn future's lower Bollinger Band® is at $655.03, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

All in all, the technical analysis suggests the Corn future has no clear-cut direction.

Though Corn has been dropping, other Grains have been performing better: Oats went up by 2.09% yesterday, and closed at $379.

Trading mostly sideways for a month. The Corn future reached a significant high of $818.25 around 9 months ago but has lost 19.31% since then.