The Rough Rice future down to $14.96 today, continues bearish run

In the last 3 days, the Rough Rice future has lost a total of 5.22% of its value. More of the same today: Rough Rice is down to $14.96 per cwt, after ending yesterday at $15.04. Overall, a 0.47% loss or 7 cents today.

United States's Pending Home Sales new data released of -2.7% below its previous figure.

Pending Home Sales in United States fell short of market expectations (-0.5%) with a reading of -2.7%, continuing the decline from the previous figure of -0.4%.

On the flip side, positive data for the Rough Rice future released earlier when data for United States GDP released today at 12:30 UTC is better than expected with two, but worse than previous figure of 2.6. United States Initial Jobless Claims beat analyst expectations of 266,000 and the previous reading of 265,000 with new data of 239,000.

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. CME Rough Rice has just crossed the lower Bollinger Band® at $15, indicating further losses could be forthcoming.

Looking forward, CME Rice is poised to extend its strong downtrend and continue declining.

In the meantime, negative performances are also seen in other Grains as Corn is trading around $528.25 (down $8.5). After ending yesterday's session at $408.75, Oats lost $6.75 and is trading around $402.

Furthermore, United States Core PCE Price Index (MoM) (May) is scheduled for tomorrow at 12:30 UTC.

CME Rice is now trading 14.26% below its 3-month high of $18.49.