CME Oats is on a 5 day downtrend Today is looking a bit better: the CME Oats future trades at $384 per bushel, after ending yesterday at $383.75.
United States Fed Chair Powell speech is next.
Oats's state is reflected by market data as United States Trade Balance (Dec) came out at -67.4 billion, while a consensus of analysts was expecting -68.5 billion. United States Exports data released today at 13:30 UTC showed continuing decline to 250.2 billion from a previous figure of 252.4 billion. United States Imports released today at 13:30 UTC with a figure of 317.6 billion, while the previous figure was 313.4 billion.
Oats's upper Bollinger Band® is at $403.34, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests Oats is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Grains as Soybeans moves 0.31% to trade around $1,526.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories expected to decline to 2.15 million while its preceding data was 4.14 million, data will be available tomorrow at 15:30 UTC. United States Fed Chair Powell speech set for today at 17:00 UTC. United States EIA Short-Term Energy Outlook scheduled to come out today at 17:00 UTC.
The commodity has been trending positively for about a month. The Oats future has fallen back around 51.02% over the past 10 months, from a notable high of $783.5.