Corn set for weak finish today; down 0.44% to $674 per bushel with a day before close

Published: January 25 2023, 23:01 GMT+0

Corn set for weak finish today; down 0.44% to $674 per bushel with a day before close

After closing at $677 today, Corn opened today at $676.75, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Corn retains a distinct $673.75 to $681 daily range.

Crude Oil Inventories in United States fell short of market expectations (971,000) with a reading of 533,000, continuing the decline from the previous figure of 8.41 million.

While price action maintains a negative bias, United States 5-Year Note Auction released today at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. Fresh Cushing Crude Oil Inventories data from United States came out at 4.27 million.

Taking a look at other Grains commodities, negative performances are evident as Rough Rice closed at $18.16 (down 0.38%).

Though Corn has been dropping, other Grains have been performing better: having closed the previous session at $1,488.5, Soybeans is up 1% today to currently trade at around $1,503.5.

Looking ahead, ongoing depreciation may be prolonged as United States Core Durable Goods Orders projected to decline to -0.2% while previous data was 0.1%; data will be released tomorrow at 13:30 UTC. United States GDP expected to decline to 2.6 while its preceding data was 3.2, data will be available tomorrow at 13:30 UTC. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 205,000, following on from the preceding figure of 190,000. New data is set to be published tomorrow at 13:30 UTC.

Trading mostly sideways for a month. 6 months ago, CME Corn fell to a low of $562.5 but has since recovered 20.36%.