After closing the previous trading day at $399.5, the CME Oats future is up to $404.5 per bushel, which makes for a move of 1.25%/$5 today.
United States ADP Nonfarm Employment Change (Oct) is next today at 12:15 UTC.
At the same time, United States JOLTs Job Openings (Sep) came out at 10.72 million, while a consensus of analysts was expecting 10 million. United States ISM Manufacturing PMI (Oct) released yesterday at 14:00 UTC with a figure of 50.2, while the previous figure was 50.9. United States API Weekly Crude Oil Stock came out at -6.53 million, while a consensus of analysts was expecting 267,000.
Trend and momentum analysis indicates that the MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $416.2, thereby suggesting that Oats is becoming overvalued.
Notwithstanding the CME Oats future's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
At the same time, Corn is down to $694, losing $8.5, after closing at $702.5 in the preceding trading session.
Also worthy of note, United States Crude Oil Inventories projected to come out at 367,000 — worse than previous data of 2.59 million; data will be released today at 14:30 UTC.
The market is looking forward to the release of new data: United States Interest Rate is expected today at 18:00 UTC. United States ADP Nonfarm Employment Change (Oct) scheduled to come out today at 12:15 UTC.
The commodity has been trending lower for about a month. Having set a significant low of $356.5 7 days ago, the Oats future is trading 12.06% higher.