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May 22, 2023
While on a 3 day slump, falling a total of 3.07%, Similar trend today: CME Rough Rice is down to $17.04 per cwt, after ending Friday at $17.07. Overall, a 0.15% loss or 2.5 cents today.
Trend analysis indicates 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. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $16.94, a low enough level to, generally, suggest that the Rough Rice future is trading below its fair value.
Overall, the technical outlook suggests the Rough Rice future is likely to remain muted for the immediate future, with no clear-cut direction.
Furthermore, United States New Home Sales (Apr) is expected tomorrow at 14:00 UTC. United States Services PMI figure is projected at 52.6. It previously stood at 53.6; data will be released tomorrow at 13:45 UTC. United States Building Permits will be released tomorrow at 12:00 UTC.
Rough Rice is now trading 7.71% below the significant high of $18.49 it set around 3 months ago.
