Corn futures dropped 1.51% as commercial hedging from the ongoing harvest continues to drive selling pressure.
Contracts traded at $441.50 during the Tuesday session. Prices moved within a range of $441.25 to $447.75 since the market opened at 05:00 UTC. The current level sits below any session close recorded since mid-August. Trading over the prior five sessions occurred between $446.00 and $455.00.
Market charts show corn trapped in a price downtrend with a firmly bearish technical posture. Farmers are selling crops directly off combines, which adds significant supply pressure to the futures market. A recent decline in US stock indexes contributed to risk-off sentiment that further injured grain bulls.
Seasonal studies indicate corn futures often establish price bottoms in late October or early November. Technical oscillators show oversold conditions, suggesting prices may see corrective rebounds soon. Market attention will turn from US supplies to export demand for crops in the coming months.
Traders will monitor the US Non-Farm Employment Change release scheduled for Friday at 13:30 UTC. The consensus forecast for payroll growth stands at 63K against a previous reading of 29K. The US Unemployment Rate data is also due on Friday with forecasts holding steady at 4.2%.
Sources: Yahoo Finance quotes, ForTraders economic calendar.
