Having lost $65.75 over 10 days, Today is looking a bit better: CME Oats is now trading at $333.25 per bushel after tracing out a steady $332.25 – $335.25 range today.
United States's Initial Jobless Claims new data released of 230,000 below its previous figure.
This uncertain state for the CME Oats future is reflected by published market data as fresh Initial Jobless Claims data released in United States matched analyst forecasts with a reading of 230,000 — a backwards step from its previous reading of 226,000. Highly important Crude Oil Inventories data from United States beat analyst expectations of -3.31 million with a reading of -5.19 million. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of -373,000, while the previous figure was -415,000.
Technical analysis shows that Oats is approaching key support, around $7.25 away from $326. 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 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. Momentum evaluation shows that 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, Oats's upper Bollinger Band® is at $424.07 and the lower is $332.39.
Overall, technical indicators suggest CME Oats has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Grains as Soybeans added 0.42% to its value, now trading at $1,483.5. Corn trades with no major change, around $643.5.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Producer Price Index figure is projected at 0.2%. It previously stood at 0.2%; data will be released tomorrow at 13:30 UTC.
The commodity has been trending lower for about a month. Having set a significant high of $783.5 a day ago, CME Oats is trading 0.76% lower.