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March 11, 2023
Yesterday at a glance: generally flat but with a slight bullish bias, CME Corn ranged between $606.75 and $619 before closing higher at $618.25 per bushel.
Uptick comes while some more positive signs for the Corn future are out as data from United States concerning Non Farm Payrolls was released yesterday at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 504,000 to 311,000 this month.
Nevertheless, highly important Unemployment Rate data from United States beat analyst expectations of 3.4 with a reading of 3.6.
At the same time, United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 107,100, while the previous figure was 128,800.
Technical analysis shows that although Corn is appreciating today after rising as high as $619, price action is now slowing and consolidating around $4.33 below the $622.58 resistance level. 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. Yesterday's price action generated a Japanese candlestick pattern showing 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. Momentum evaluation shows that the Relative Strength Index indicates the Corn future is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Analysis based on the asset volatility indicates that Corn's lower Bollinger Band® is at $604.52, indicating that the market is oversold and fertile for new buyers.
All in all, the technical analysis suggests CME Corn has no clear-cut direction.
A look at other Grains also shows upside as notably, Rough Rice rose 0.8% yesterday and closed at $16.32.
Trading mostly sideways for a month. This year has been a gloomy one for the Corn future after trading as high as $818.25 and going on to lose 8.11% of its value.
