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July 02, 2023A quick look at Friday: slightly down but mostly flat: the Corn future ranged between $493 and $537.5 before closing at $495 per bushel.
Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, Corn's lower Bollinger Band® is at $488.18, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Support/Resistance levels obtained from chart analysis indicate that Corn could begin to recover as it approaches significant support, now $15.5 away from $479.5. Dipping below could be an indication that further losses are ahead.
All in all, the technical analysis suggests Corn has no clear-cut direction.
Positive performances can be seen by looking at other Grains markets as Soybeans is trading around $1,342.5 after ending Friday's session at $1,265.75 (up 6.06% today). Oats went up by 1.8% Friday, and closed at $409. Rough Rice is trading around $15 after ending Friday's session at $14.96 (up 0.27% today).
Furthermore, United States ISM Manufacturing PMI (Jun) scheduled to come out tomorrow at 14:00 UTC.
Corn is up 6.77% from the significant low of $495 it hit 2 days ago.
