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June 22, 2023
CME Corn slides down from $628.75 to $620.5 per bushel today, losing $8.25 (1.31%).
United States's Crude Oil Inventories new data released of -3.83 million below its previous figure.
Crude Oil Inventories in United States fell short of market expectations (1.87 million) with a reading of -3.83 million, continuing the decline from the previous figure of 7.92 million. New United States Initial Jobless Claims data fell short of the 260,000 projected by analysts with a reading of 264,000 while failing to improve upon the previous reading from last month (264,000).
While price action maintains a negative bias, United States Existing Home Sales (May) came out at 4.3 million, while a consensus of analysts was expecting 4.25 million.
With regards to technical trend indicators, chart analysis show that investors are seeking long positions as Corn price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that the Corn future's upper Bollinger Band® is at $629.13 which indicates a further downward move may follow. Following today's trading session, chart analysis suggests although CME Corn is pointing down today (was as low as $613.25), it's climbing away from the $612.75 support line and is now $7.75 above it.
Notwithstanding the Corn future's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
In the meantime, negative performances are also seen in other Grains as Soybeans closed at $1,339.5 (down 2.72%).
Positive performances can be seen by looking at other Grains markets as Rough Rice is up 0.86% to $15.74. Oats increases 2.25% to trade around $421.25.
Furthermore, United States Services PMI figure is projected at 54. It previously stood at 54.9; data will be released tomorrow at 13:45 UTC.
The Corn future has recovered 19.03% since descending to a significant low of $528.25 around 15 days ago.
