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June 13, 2023On a 5 day uptrend, Today's session might suggest a slow down — without a clear-cut direction, CME Corn is trading around $550 per bushel and ranging between $543.25 and $550.
United States Core Consumer Prices is next.
CME Corn's state is reflected by market data as United States Federal Budget Balance (May) came out at -240 billion, while a consensus of analysts was expecting -236 billion. United States 10-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.791, while the previous figure was 3.448. United States 3-Year Note Auction released yesterday at 15:30 UTC with a figure of 4.202, while the previous figure was 3.695.
The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. The Corn future is approaching key support, around $9.58 away from $540.42. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite muted price action in Corn, chart analysis indicates it is positioned for a bullish run in the short term.
Meanwhile, mixed performances are seen in other Grains as Soybeans is up 0.56%.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million, having previously been at -451,000. The figure will be published tomorrow at 14:30 UTC. Tomorrow at 12:30 UTC data for United States Producer Price Index will be released, with an expected decline to -0.1% from the preceding figure of 0.2%. United States Consumer Price Index is expected today at 12:30 UTC.
6 days ago, Corn fell to a low of $528.25 but has since recovered 3.98%.
