Is the bullish run coming to an end? CME Rice down to $17.45 (-0.4%)

During a 7 day uptrend, CME Rice gained a total of 52.5 cents, or 2.68%. Now turning against its recent performance, trading lower, CME Rice is currently down 7 cents as it ranges between $17.45 and $17.6 so far today.

Nonetheless, encouraging indicators for the Rough Rice future published earlier when highly important Crude Oil Inventories data from United States beat analyst expectations of 457,000 with a reading of 1.17 million.

Amid the market gloom, 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.

Despite drifting lower in the trading session, the short-term outlook has turned positive after the MACD moved above its signal line — typically a bullish indicator.

Overall, looking at the technical analysis landscape, it seems CME Rice might start pointing upward in the short term.

Taking a look at other Grains commodities, negative performances are evident as Soybeans stumbles 0.63% to trade around $1,494.75.

Though the Rough Rice future has been dropping, other Grains have been performing better: Corn is up 0.59%.

Looking ahead, ongoing depreciation may be prolonged as United States Initial Jobless Claims projected to come out at 195,000 — worse than previous data of 192,000; data will be released today at 13:30 UTC.

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

The Rough Rice future is now trading 5.25% below the significant high of $18.49 it set around 22 days ago.