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February 22, 2023
CME Rice is down to $17.27 per cwt, after ending yesterday at $17.5. Overall, a 1.29% loss or 22.5 cents today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
Amid the market gloom, United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. Fresh 2-Year Note Auction data from United States came out at 4.673. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Concerning technical analysis and more specifically, trend indicators, 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 $17.17, a low enough level to, generally, suggest that CME Rough Rice is trading below its fair value.
With market volatility ebbing, the current technical outlook indicates CME Rice will remain range-bound for the immediate future.
Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories projected to decline to 1.17 million while previous data was 16.28 million; data will be released tomorrow at 16:00 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 200,000 from the preceding figure of 194,000.
Furthermore, United States GDP figure is projected at 2.9. It previously stood at 2.9; data will be released tomorrow at 13:30 UTC.
Over the past 14 days, CME Rice has retreated 5.38% from a noteworthy peak of $18.49.
