Grains traders focused on the Corn future as it powers 0.55% higher

After closing the previous trading day at $635.75, CME Corn is up to $639.25 per bushel, which makes for a move of 0.55%/$3.5 today.

This move comes while some more positive signs for CME Corn are out as United States Crude Oil Inventories released yesterday at 15:30 UTC is better than expected at 1.17 million but down from preceding data of 7.65 million according to new data.

At the same time, United States ISM Manufacturing PMI (Feb) came out at 47.7, while a consensus of analysts was expecting 48. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 307,000, while the previous figure was 700,000.

Trend-following investors would be interested to note 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. According to asset volatility analysis, CME Corn's lower Bollinger Band® is at $632.62, indicating that the market is oversold and fertile for new buyers.

Overall, the technical outlook suggests Corn is likely to remain muted for the immediate future, with no clear-cut direction.

While the Corn future is appreciating, other Grains are comparatively not doing so well — Rough Rice decreases 0.4% to trade around $17.45. Soybeans is down to $1,494.5, losing $9.75, after closing at $1,504.25 in the preceding trading session.

Furthermore, the market is looking at United States Initial Jobless Claims projected to decline to 195,000 while previous data was 192,000; data will be released today at 13:30 UTC.

Also worthy of note, United States ISM Non-Manufacturing PMI (Feb) is scheduled for tomorrow at 15:00 UTC.

Trading mostly sideways for a month. This year has been a gloomy one for the Corn future after trading as high as $818.25 and going on to lose 5.36% of its value.