Grains traders focused on CME Corn as it powers 12.29% higher

After closing the previous trading day at $537, the Corn future is up to $603 per bushel, which makes for a move of 12.29%/$66 today.

United States EIA Short-Term Energy Outlook is next today at 16:00 UTC.

Meanwhile, United States ISM Non-Manufacturing PMI (May) came out at 50.3, while a consensus of analysts was expecting 51.8. United States Services PMI released yesterday at 13:45 UTC with a figure of 54.9, while the previous figure was 53.6. Factory Orders in United States fell short of market expectations (1.1%) with a reading of 0.4%, continuing the decline from the previous figure of 0.6%.

With regards to technical trend indicators, chart analysis show that the MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. According to asset volatility analysis, the Corn future's upper Bollinger Band® is at $619.42, this is a slight indication of a slowdown.

All in all, the technical analysis suggests Corn has no clear-cut direction.

Rallies can also be seen in other Grains, Soybeans gained 14.54% and is currently trading at $1,351.25. Having closed the previous session at $15.16, Rough Rice is up 0.46% today to currently trade at around $15.23.

Furthermore, the market is looking at United States Crude Oil Inventories projected to come out at 1.15 million — worse than previous data of 4.49 million; data will be released tomorrow at 14:30 UTC.

Elsewhere, United States EIA Short-Term Energy Outlook is expected today at 16:00 UTC.

Having set a significant low of $531 5 days ago, Corn is trading 1.13% higher.