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June 20, 2023After closing at $597.5 yesterday, the Corn future opened today at $600, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, the Corn future retains a distinct $588.5 to $609 daily range.
United States Building Permits (May) is next today at 12:30 UTC.
Technical chart analysis shows Corn broke through the $597.75 support line and dropped $6.5 below it.
Taking a look at other Grains commodities, negative performances are evident as Soybeans closed at $1,330.5 (down 0.88%). Rough Rice is trading around $15.37 (down 6.5 cents). Oats is down $4.25 from the beginning of the session and now trades around $403.25.
Furthermore, United States Building Permits (May) is expected today at 12:30 UTC. United States Fed Chair Powell testimony is scheduled tomorrow at 14:00 UTC. United States Fed Governor Jefferson testimony set for tomorrow at 14:00 UTC.
Corn hit a significant low of $528.25 around 13 days ago, but has since recovered 13.11%.
