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May 16, 2023
4 days of flat trading were interrupted with a selloff, Today's session suggests a further slowdown — Corn is down to $589.5 per bushel, after ending yesterday at $592.5. Overall, a 0.51% loss or $3 today.
United States Core Retail Sales data will be released today at 12:30 UTC, with an expected improvement to 0.4%. the Corn future reaction to indicator information will follow.
Meanwhile, United States TIC Net Long-Term Transactions (Mar) came out at 133.3 billion, while a consensus of analysts was expecting 85.4 billion. United States NY Empire State Manufacturing Index (May) released yesterday at 12:30 UTC with a figure of -31.8, while the previous figure was 10.8.
Bollinger Bands® shows an indication of recovery: the lower band is at $573.49, a low enough level to, generally, suggest that Corn is trading below its fair value.
Despite suffering losses in today's session, technical analysis is indicating that the Corn future will undergo a significant bounce in the immediate term.
Though CME Corn has been dropping, other Grains have been performing better: Rough Rice is up 0.34% to $17.91.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -1.3 million from the preceding figure of 2.95 million.
Some optimism can drawn from the fact that United States Retail Sales is projected to outperform its last figure with 0.8%. It previously stood at -0.6%; data will be released today at 12:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at -0.4%; data will be released today at 12:30 UTC.
The commodity has been trending lower for about a month. The Corn future is now trading 11.96% below its 3-month high of $805.5.
