CME Oats has been losing ground for 3 days, shedding a total of 5.03% of its value. Similar trend today: slightly weaker but mostly flat: the CME Oats future is currently trading at $387 per bushel as it maintains an active range between $387 and $393.25.
Meanwhile, United States NY Empire State Manufacturing Index (Oct) came out at -9.1, while a consensus of analysts was expecting -4.
Oats's lower Bollinger band is at $369.79, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. The Oats future could begin to recover as it approaches significant support, now $4.33 away from $382.67. Dipping below could be an indication that further losses are ahead.
Technical analysis shows that CME Oats (currently on a downtrend) might reverse course and start going up in the short term.
Taking a look at other Grains commodities, negative performances are evident as after ending yesterday's session at $683.5, Corn lost $5.25 and is trading around $678.25.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Crude Oil Inventories are set for a continuation of decline with 1.55 million while previous data was 9.88 million; data will be released tomorrow at 14:30 UTC.
Furthermore, United States Building Permits (Sep) scheduled to come out tomorrow at 12:30 UTC.
The commodity has been trending lower for about a month. 6 months ago Oats reached a significant high of $783.5 but has consequently lost 50.35% since then.