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February 27, 2023
CME Corn dropped $5.75 to $642.25, reaching its lowest point in 2 months.
New United States Pending Home Sales improved upon the previous 1.1% figure while also exceeding analyst expectations with a reading of 8.1%.
Nonetheless, encouraging indicators for CME Corn published earlier when United States Pending Home Sales came out at 8.1%, better than analyst estimates of 1% and improving upon the previous reading of 1.1%. Highly important Core Durable Goods Orders data from United States beat analyst expectations of 0.1% with a reading of 0.7%.
While price action maintains a negative bias, Core Durable Goods Orders in United States fell short of market expectations (-4%) with a reading of -4.5%, continuing the decline from the previous figure of 5.1%.
Following today's trading session, chart analysis suggests Corn broke through the $648.5 support line and dropped $5 below it. Technical analysis trend indicators suggest 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. Japanese candlestick formations show '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. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $649.66, a low enough level to, generally, suggest that Corn is trading below its fair value.
Overall, the technical outlook suggests CME Corn is likely to remain muted for the immediate future, with no clear-cut direction.
Taking a look at other Grains commodities, negative performances are evident as Soybeans is trading around $1,511.5 (down $17.5).
Though CME Corn has been dropping, other Grains have been performing better: Rough Rice leaps up 3.04% to trade around $17.31.
Moreover, United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released tomorrow at 15:00 UTC.
Trading mostly sideways for a month. Having set a significant high of $818.25 9 months ago, the Corn future is trading 20.65% lower.
