While on a 3 day downtrend, dropping a total of 4.28%, Similar trend today: Oats falls to $379.75 per bushel, following mixed behavior today as it ranges between $377.75 and $388.25.
New United States Crude Oil Inventories improved upon the previous -3.12 million figure while also exceeding analyst expectations with a reading of 3.92 million.
On the flip side, positive data for Oats released earlier when data for United States Crude Oil Inventories published today at 15:30 UTC came out at 3.92 million, beating projections of 1.36 million and showing improvement over the preceding figure of -3.12 million.
While price action maintains a negative bias, United States 10-Year Note Auction released today at 18:00 UTC with a figure of 4.14, while the previous figure was 3.93. United States Cushing Crude Oil Inventories came out at -923,000.
Oats could begin to recover as it approaches significant support, now $3.92 away from $375.83. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, CME Oats peaked above its 21 day Simple Moving Average around $383.94 — typically an early indicator of a new bullish trend beginning to emerge.
Overall, looking at the technical analysis landscape, it seems the CME Oats future —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
Positive performances can be seen by looking at other Grains markets as Soybeans gained 0.45% and is now trading at $1,453.
Furthermore, United States Consumer Price Index is expected tomorrow at 13:30 UTC. United States Core Consumer Prices figure is projected at 0.5%. It previously stood at 0.6%; data will be released tomorrow at 13:30 UTC. United States Consumer Price Index is expected tomorrow at 13:30 UTC.
The CME Oats future reached a significant high of $783.5 around 7 months ago but has lost 51.21% since then.