The Oats future spiked to $322.25 before dropping back to its pre-spike levels and is now heading towards the close around $320 per bushel.
United States's Initial Jobless Claims new data released of 242,000 below its previous figure.
On the flip side, Initial Jobless Claims in United States fell short of market expectations (240,000) with a reading of 242,000, continuing the decline from the previous figure of 229,000. United States Crude Oil Inventories released earlier showed a marked improvement to -1.28 million from the preceding data of -5 million, but fell short of the -1.1 million figure forecast by a consensus of market analysts.
At the same time, United States Interest Rate came out at 5.25, while a consensus of analysts was expecting 5.25.
Oats made an initial breakout above its 10 day Simple Moving Average at $319.12, a potential indicator of a newly emerging bullish phase. Oats broke through the $315.08 resistance, climbing $4.92 above it.
Overall, looking at the technical analysis landscape, it seems Oats might continue pointing upwards in the short term.
Rallies can also be seen in other Grains, Rough Rice gained 0.25% and is now trading at $17.97.
Furthermore, the market is looking at United States Non Farm Payrolls projected to decline to 180,000 while previous data was 236,000; data will be released tomorrow at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.6 from the preceding figure of 3.5.
The commodity has been trending lower for about a month. Oats has recovered 2.48% since descending to a significant low of $302.75 around 2 days ago.