Oats is on a 6 day uptrend — Bucking the trend and turning lower, CME Oats is down to $364.75 per bushel, after ending yesterday at $370.5. Overall, a 1.55% loss or $5.75 today.
United States Building Permits (Dec) is next today at 13:30 UTC.
Producer Price Index in United States fell short of market expectations (-0.1%) with a reading of -0.5%, continuing the decline from the previous figure of 0.2%. United States Core Retail Sales published yesterday at 13:30 UTC came out at -1.1%, falling short of the -0.4% projections and continuing its decline from the previous -0.6% figure. Highly important Retail Sales data from United States beat analyst expectations of -0.8% with a reading of -1.1%.
Oats's upper Bollinger Band® is at $380.41 which indicates a further downward move may follow.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts CME Oats to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the CME Oats future is expected to attract significant bearish sentiment in the coming days.
Taking a look at other Grains commodities, negative performances are evident as Rough Rice is down 5.5 cents from the beginning of the session and now trades around $17.91.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of -593,000, following on from the preceding figure of 18.96 million. New data is set to be published today at 16:00 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 214,000 while previous data was 205,000; data will be released today at 13:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Jan) scheduled to come out today at 13:30 UTC.
The commodity has been trending positively for about 30 days. Oats reached a significant high of $783.5 around 9 months ago but has lost 52.71% since then.