Losing streak continues: the Corn future down $4 to $590 adding to its nine days of losses

Trading lower, CME Corn is currently down $4 as it ranges between $590 and $592.75 so far today.

United States Producer Price Index didn't cause a noticeable effect even though it falls short expectations with 0.2%.

Highly important Producer Price Index data from United States beat analyst expectations of 0.3% with a reading of 0.2%. Initial Jobless Claims in United States fell short of market expectations (245,000) with a reading of 264,000, continuing the decline from the previous figure of 242,000.

On the flip side, data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 2.95 million, beating projections of -917,000 and showing improvement over the preceding figure of -1.28 million.

Corn could begin to recover as it approaches significant support, now $7.33 away from $582.67. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Corn peaked above its 3 day Simple Moving Average around $593 — typically an early indicator of a new bullish trend beginning to emerge.

Despite suffering losses in today's session, technical analysis is indicating that 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 $1,404, Soybeans lost $12 and is trading around $1,392. Oats closed at $334.75 (down 0.81%).

The commodity has been trending lower for about a month. The Corn future is now trading 11.34% below its 3-month high of $805.5.