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June 27, 2023
Corn is grinding lower from $588.25 to $567.5 per bushel, shedding $20.75 (3.53%) today.
United States Building Permits is next today at 12:00 UTC.
While price action maintains a negative bias, United States 2-Year Note Auction released yesterday at 17:00 UTC with a figure of 4.67, while the previous figure was 4.3.
Corn made an initial break below its 50 day Simple Moving Average at $575.6, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $578.88 currently serving as support. If price action breaks below, the next Fib hurdle is $566.93. CME Corn fell below the $575.42 support zone and moved $7.92 beyond it; the next level of support with significant buyer interest is estimated at $562.83.
In the short term, the Corn future is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other Grains as Soybeans is down to $1,285.5, losing $37.5, after closing at $1,323 in the preceding trading session. Oats withdraws 1.78% to trade around $412.75.
Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with 1.42 million. It previously stood at -3.83 million; data will be released tomorrow at 14:30 UTC. United States Core Durable Goods Orders is projected to outperform its last figure with -0.1%. It previously stood at -0.2%; data will be released today at 12:30 UTC.
Furthermore, United States Building Permits is scheduled for today at 12:00 UTC.
CME Corn hit a significant low of $528.25 around 20 days ago, but has since recovered 11.36%.
