Corn increased by $24.25 for the first time since August 2022

After closing yesterday at $549.25, Corn trades at $573.5 today after making its biggest single-day jump of $24.25 (4.42%) recently.

Corn is currently trading at $573.5 following the release of Initial Jobless Claims data from the United States.

This move comes while some more positive signs for Corn are out as United States Retail Sales released today at 12:30 UTC is better than expected at 0.3% but down from preceding data of 0.4% according to new data.

On the flip side, new United States Initial Jobless Claims data fell short of the 250,000 projected by analysts with a reading of 262,000 while failing to improve upon the previous reading from last month (262,000).

At the same time, United States Philadelphia Fed Manufacturing Index (Jun) came out at -13.7, while a consensus of analysts was expecting -13.5.

Corn broke through the $554.67 resistance, climbing $18.83 above it. The Corn future made an initial breakout above its 21 day Simple Moving Average at $559.65, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $559.27 by around $14.23 with prices hammering out a $549.75 – $575 session range.

Overall, looking at the technical analysis landscape, it seems CME Corn might continue pointing upwards in the short term.

A look at other Grains also shows upside as Soybeans rallies 4.21% to trade around $1,292.25. Oats improves 3.78% to trade around $411.75. Rough Rice gained 0.36% and is now trading at $15.31.

CME Corn is up 3.98% from the significant low of $528.25 it hit 8 days ago.