Trading lower, the Oats future is currently down $12 as it ranges between $355.5 and $384.25 so far today.
Meanwhile, United States Services PMI released today at 13:45 UTC with a figure of 46.6, while the previous figure was 49.3. United States Composite PMI came out at 47.3, while a consensus of analysts was expecting 49.3. United States Manufacturing PMI released today at 13:45 UTC with a figure of 49.9, while the previous figure was 52.
A crossing of the lower Bollinger Band® at $365.19 suggests further losses may follow for Oats. On the other hand, note that despite being in the red so far in the current trading session, the CME Oats future peaked above its 5 day Simple Moving Average around $382.95 — typically an early indicator of a new bullish trend beginning to emerge.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for CME Oats.
In the meantime, negative performances are also seen in other Grains as Soybeans slumps 1.62% to trade around $1,381.75.
Though Oats has been dropping, other Grains have been performing better: Rough Rice gained 1.44% and is now trading at $16.59.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Consumer Confidence expected to decline to 106.5 while its preceding data was 108, data will be available tomorrow at 14:00 UTC.
The commodity has been trending lower for about a month. Approximately 6 months ago, Oats reached a significant high of $783.5 but has struggled to hold onto its gains and declined 51.98% since then.