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June 04, 2023Friday at a glance: the Corn future dropped $51.25 early on and stayed at $541.25 per bushel.
Despite being in the red so far in the current trading session, Corn peaked above its 50 day Simple Moving Average around $600.93 — typically an early indicator of a new bullish trend beginning to emerge. Corn's lower Bollinger Band® is at $531.84, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Although Corn is pointing down today (was as low as $523.5), it's climbing away from the $517.25 support line and is now $24 above it.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems CME Corn is set to appreciate despite today's setback.
Though Corn has been dropping, other Grains have been performing better: Soybeans climbs 1.69% Friday and closed at $1,329.5. Rough Rice went up by 19.14% Friday, and closed at $17.61.
Furthermore, United States Services PMI figure is projected at 55.1. It previously stood at 53.6; data will be released tomorrow at 13:45 UTC. United States ISM Non-Manufacturing PMI (May) scheduled to come out tomorrow at 14:00 UTC.
Corn hit a significant low of $531 around 3 days ago, but has since recovered 11.58%.
