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May 04, 2023
Slightly weaker but mostly flat: the Corn future is currently trading at $582.5 per bushel as it maintains an active range between $581.75 and $592.
- United States's Initial Jobless Claims new data released of 242,000 below its previous figure.
- Today's losses are adding to a 14 day bearish run, during which Corn lost $54.75 of its value.
Initial Jobless Claims in United States fell short of market expectations (240,000) with a reading of 242,000, continuing the decline from the previous figure of 229,000. United States Interest Rate released yesterday at 18:00 UTC with a figure of 5.25, while the previous figure was five.
Corn chart analysis: Corn could begin to recover as it approaches significant support, now $7.92 away from $574.58. Dipping below could be an indication that further losses are ahead.
United States Non Farm Payrolls projected to come out at 180,000 — worse than previous data of 236,000; data will be released tomorrow at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.6 from the preceding figure of 3.5.
Oats is up 0.64%.
The commodity has been trending lower for about a month. The Corn future is now trading 13.14% below its 3-month high of $805.5.
