After closing the previous trading day at $378, Oats is up to $382.5 per bushel, which makes for a move of 1.19%/$4.5 today.
The CME Oats future is currently trading at $382.5 following the release of New Home Sales (Dec) data from the United States.
Uptick comes while some more positive signs for Oats are out as highly important Core Durable Goods Orders data from United States beat analyst expectations of -0.2% with a reading of -0.1%. Highly important GDP data from United States beat analyst expectations of 2.6 with a reading of 2.9.
At the same time, United States New Home Sales (Dec) released today at 15:00 UTC with a figure of 616,000, while the previous figure was 602,000.
With regards to technical trend indicators, chart analysis show that investors are seeking long positions as Oats price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $388.19, thereby suggesting that the CME Oats future is becoming overvalued.
Notwithstanding the CME Oats future's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Rallies can also be seen in other Grains, Rough Rice is up 0.83%. Soybeans gained 0.97% and is now trading at $1,517. Corn is up 0.89% to $680.75.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Pending Home Sales is projected to outperform its last figure with -0.9%, having previously been at -4%. The figure will be published tomorrow at 15:00 UTC.
Also worthy of note, United States Core PCE Price Index (MoM) (Dec) scheduled to come out tomorrow at 13:30 UTC.
The commodity has been trending positively for about a month. Oats has fallen back around 51.75% over the past 9 months, from a notable high of $783.5.