After closing the previous trading day at $344.25, Oats is up to $345.5 per bushel, which makes for a move of 0.36%/$1.25 today.
United States Core PCE Price Index (MoM) (Jan) is next today at 13:30 UTC.
This move comes while some more positive signs for the CME Oats future are out as highly important Crude Oil Inventories data from United States beat analyst expectations of 2 million with a reading of 7.65 million. United States Initial Jobless Claims beat analyst expectations of 200,000 and the previous reading of 195,000 with new data of 192,000.
Nevertheless, GDP in United States fell short of market expectations (2.9) with a reading of 2.7, continuing the decline from the previous figure of 3.2.
Trend and momentum analysis indicates that 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. Analysis based on the asset volatility indicates that CME Oats's lower Bollinger Band® is at $337.43, indicating that the market is oversold and fertile for new buyers.
With market volatility ebbing, the current technical outlook indicates the CME Oats future will remain range-bound for the immediate future.
This rally in the CME Oats future's price coincides with other Grains as Rough Rice gained 0.35% and is now trading at $17.07. Soybeans is up 0.38%.
Other Grains are showing mixed performance as Corn moves 0.3% to trade around $662.25.
Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Jan) is expected today at 13:30 UTC. United States New Home Sales (Jan) scheduled to come out today at 15:00 UTC.
Over the past 10 months, CME Oats has retreated 56.06% from a noteworthy peak of $783.5.