A 3 day downtrend has resulted in the asset losing $31.75. Today is looking a bit better: a mostly flat day so far for Oats, ranging between $357 and $361; currently at $357 per bushel.
Uncertainty around CME Oats is reflected by published market data as United States Crude Oil Inventories came out at 2.59 million, better than analyst estimates of 1 million and improving upon the previous reading of -1.73 million. United States New Home Sales (Sep) came out at 603,000, while a consensus of analysts was expecting 585,000. United States 5-Year Note Auction released yesterday at 17:00 UTC with a figure of 4.192, while the previous figure was 4.228.
As the trading day commences, technical analysis suggests Oats is approaching key support, around $15.25 away from $341.75. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, Oats's upper Bollinger Band® is at $416.82 and the lower is $357.53.
All in all, the technical analysis suggests Oats has no clear-cut direction.
Meanwhile, mixed performances are seen in other Grains as Soybeans gained 0.71% and is now trading at $1,391.5.
Moreover, United States GDP is projected to outperform its last figure with 2.4. It previously stood at -0.6; data will be released today at 12:30 UTC. United States Pending Home Sales projected to come out at -5% — worse than previous data of -2%; data will be released tomorrow at 14:00 UTC. Projections for United States Core Durable Goods Orders are set for a continuation of decline with 0.2% while previous data was 0.3%; data will be released today at 12:30 UTC.
The commodity has been trending lower for about a month. Approximately 6 months ago, the CME Oats future reached a significant high of $783.5 but has struggled to hold onto its gains and declined 54.5% since then.