Without a clear-cut direction, the CME Oats future is trading around $335 per bushel and ranging between $330.5 and $346.75.
The Oats future is currently trading at $335 following the release of EIA Short-Term Energy Outlook data from the United States.
This uncertain state for CME Oats is reflected by published market data as United States ISM Non-Manufacturing PMI (Nov) came out at 56.5, while a consensus of analysts was expecting 53.3. United States Trade Balance (Oct) released today at 13:30 UTC with a figure of -78.2 billion, while the previous figure was -74.1 billion. United States Exports data released today at 13:30 UTC showed continuing decline to 256.6 billion from a previous figure of 258.5 billion.
Following today's trading session, chart analysis suggests Oats is approaching key support, around $16.5 away from $318.5. 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. 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. According to momentum evaluation, the Relative Strength Index indicates the Oats future is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, the CME Oats future's upper Bollinger Band® is at $420.6 and the lower is $344.51.
Overall, the technical outlook suggests Oats is likely to remain muted for the immediate future, with no clear-cut direction.
Meanwhile, mixed performances are seen in other Grains as Rough Rice drops 2.85% to trade around $16.87. Soybeans is up 0.87%.
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 -3.88 million. It previously stood at -12.58 million; data will be released tomorrow at 15:30 UTC.
The commodity has been trending lower for about a month. A day ago, the CME Oats future fell to a low of $328.75 but has since recovered 2.13%.