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April 20, 2023
CME Corn falls to $630.25 per bushel, following mixed behavior today as it ranges between $630.25 and $637.25.
United States Philadelphia Fed Manufacturing Index (Apr) is next today at 12:30 UTC.
United States Crude Oil Inventories published yesterday at 14:30 UTC came out at -4.58 million, falling short of the -1 million projections and continuing its decline from the previous 597,000 figure.
Amid the market gloom, United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 3.92, while the previous figure was 3.909. United States Cushing Crude Oil Inventories came out at -1 million, while a consensus of analysts was expecting 622,000.
Corn made an initial break below its 21 day Simple Moving Average at $635.68, a possible indication of a forthcoming negative trend. Despite this, the Corn future bounced after reaching the $633.67 support zone, climbing $3.42 above it.
Overall, looking at the technical analysis landscape, it seems the Corn future is likely to continue pointing down in the short term.
In the meantime, negative performances are also seen in other Grains as Soybeans is down to $1,466.5, losing $12.25, after closing at $1,478.75 in the preceding trading session.
Though Corn has been dropping, other Grains have been performing better: Rough Rice is up 0.33%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Initial Jobless Claims are set for a continuation of decline with 240,000 while previous data was 239,000; data will be released today at 12:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) is expected today at 12:30 UTC. United States Existing Home Sales (Mar) will be released today at 14:00 UTC.
Approximately 11 months ago, Corn reached a significant high of $818.25 but has struggled to hold onto its gains and declined 22.21% since then.
