Having ended the last trading session at $561.5, CME Corn dropped to $547 today, hitting its lowest point in 1 year. Later, it recovered $7.75 and is now trading at $554.75.

United States Existing Home Sales (Apr) is next today at 14:00 UTC.

On the flip side, positive data for Corn released earlier when highly important Initial Jobless Claims data from United States beat analyst expectations of 254,000 with a reading of 242,000. United States Crude Oil Inventories came out at 5 million, better than analyst estimates of -920,000 and improving upon the previous reading of 2.95 million.

Amid the market gloom, United States Philadelphia Fed Manufacturing Index (May) came out at -10.4, while a consensus of analysts was expecting -19.8.

Technical analysis trend indicators suggest 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. Momentum evaluation shows that the Relative Strength Index has gone below 30, going into oversold conditions and allowing more gains. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $562.97, a low enough level to, generally, suggest that CME Corn is trading below its fair value. Technical analysis of CME Corn's past price action reveals multiple support and resistance levels: Corn could begin to recover as it approaches significant support, now $5.33 away from $549.42. Dipping below could be an indication that further losses are ahead.

With market volatility ebbing, the current technical outlook indicates CME Corn will remain range-bound for the immediate future.

Taking a look at other Grains commodities, negative performances are evident as Oats is down $10.5 from the beginning of the session and now trades around $332.5. Rough Rice is down to $17.41, losing 10 cents, after closing at $17.51 in the preceding trading session.

Positive performances can be seen by looking at other Grains markets as Soybeans is up 0.45%.

Furthermore, United States Existing Home Sales (Apr) is expected today at 14:00 UTC. United States Fed Chair Powell speech is scheduled tomorrow at 15:00 UTC.

The commodity has been trending lower for about a month. Corn has shed 17.18% over the past three months.