Mixed sentiment sees CME Corn ending the day broadly flat; establishes tight $673 to $675.25 range

Published: January 26 2023, 04:00 GMT+0

Mixed sentiment sees CME Corn ending the day broadly flat; establishes tight $673 to $675.25 range

Corn trades at $674 per bushel, after ending yesterday at $674.75.

Uncertainty around Corn is reflected by published market data as 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. United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 million.

Meanwhile, mixed performances are seen in other Grains as Oats is trading around $371 (down $7).

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as projections for United States Core Durable Goods Orders are set for a continuation of decline with -0.2% while previous data was 0.1%; data will be released today at 13:30 UTC. United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released tomorrow at 15:00 UTC. United States Core PCE Price Index (MoM) (Dec) will be released 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 19.96%.

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