Tentatively higher from an earlier low of $357.5, CME Oats is up to $358.5 per bushel today, adding 75 cents, or 0.21%, to yesterday's closing price of $357.75.
United States ADP Nonfarm Employment Change (Dec) is next today at 13:15 UTC.
Uncertainty around Oats is reflected by published market data as United States JOLTs Job Openings (Nov) came out at 10.46 million, while a consensus of analysts was expecting 10 million. United States ISM Manufacturing PMI (Dec) released yesterday at 15:00 UTC with a figure of 48.4, while the previous figure was 49. Fresh API Weekly Crude Oil Stock data from United States came out at 3.30 million.
Oats made an initial breakout above its 10 day Simple Moving Average at $357.52, a potential indicator of a newly emerging bullish phase. CME Oats is approaching key support, around $5.42 away from $353.08. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite muted price action in the CME Oats future, chart analysis indicates it is positioned for a bullish run in the short term.
Meanwhile, mixed performances are seen in other Grains as having closed the previous session at $653.75, Corn is up 0.54% today to currently trade at around $657.25. Soybeans moves 0.22% to trade around $1,486.75. Rough Rice is down to $17.73, losing 4 cents, after closing at $17.77 in the preceding trading session.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories is projected to outperform its last figure with 1.15 million, having previously been at 718,000. The figure will be published today at 16:00 UTC. Tomorrow at 13:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 200,000 from the preceding figure of 263,000. United States ADP Nonfarm Employment Change (Dec) is scheduled for today at 13:15 UTC.
Oats has fallen back around 54.34% from the significant high of $783.5 set 8 months ago.