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May 20, 2023Having lost $38 over 5 days, A slight improvement can be seen from yesterday's session: without a clear direction, the Corn future closed at $556.25 per bushel while ranging between $551.5 and $571.75.
CME Corn's state is reflected by market data as United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 191,500, while the previous figure was 216,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 179,800, while the previous figure was 195,800. United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 20,000, while the previous figure was 21,400.
Corn is approaching key support, around $8.33 away from $547.92. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Corn made an initial breakout above its 3 day Simple Moving Average at $565.67, a potential indicator of a newly emerging bullish phase. '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. CME Corn's upper Bollinger Band® is at $608.07 and the lower is $554.68.
Although price action remains in a stalemate, technical analysis suggests CME Corn could be primed for a break to the upside.
Meanwhile, mixed performances are seen in other Grains as after ending yesterday's session at $337.75, Oats lost $17.75 and is trading around $320. Soybeans drops 2.1% yesterday and closed at $1,333.25.
The commodity has been trending lower for about a month. CME Corn has shed 18.32% over the past three months.
