Is the bullish run coming to an end? Corn down to $567 (-0.7%)

During a 4 day uptrend, CME Corn gained a total of $17, or 2.35%. Bucking the trend and turning lower, the Corn future is down to $567 per bushel, after ending yesterday at $571. Overall, a 0.7% loss or $4 today.

United States Building Permits is next today at 12:00 UTC.

Bollinger Bands® shows an indication of recovery: the lower band is at $551.67, a low enough level to, generally, suggest that Corn is trading below its fair value.

Despite suffering losses in today's session, technical analysis is indicating that CME Corn will undergo a significant bounce in the immediate term.

Taking a look at other Grains commodities, negative performances are evident as after ending yesterday's session at $1,341.25, Soybeans lost $8 and is trading around $1,333.25.

Positive performances can be seen by looking at other Grains markets as Oats improves 0.87% to trade around $317.25.

Looking ahead, ongoing depreciation may be prolonged as projections for United States Crude Oil Inventories are set for a continuation of decline with -920,000 while previous data was 5 million; data will be released tomorrow at 14:30 UTC.

Furthermore, United States New Home Sales (Apr) is scheduled for today at 14:00 UTC. United States Services PMI is expected today at 13:45 UTC.

The commodity has been trending lower for about a month. Corn has recovered 3.07% since descending to a significant low of $554 around 2 days ago.