The CME Oats future is down to $368.25 per bushel, after ending yesterday at $381. Overall, a 3.35% loss or $12.75 today.
Initial Jobless Claims in United States fell short of market expectations (190,000) with a reading of 196,000, continuing the decline from the previous figure of 183,000.
Oats's lower Bollinger Band® is at $360.13, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Technical analysis indicates that CME Oats (currently on a downtrend) might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other Grains as Rough Rice is down to $18.09, losing 31 cents, after closing at $18.41 in the preceding trading session.
Though the Oats future has been dropping, other Grains have been performing better: Soybeans goes up 1.07% to trade around $1,528. Corn is up 0.64%.
The commodity has been trending positively for about a month. Over the past 10 months, CME Oats has retreated 51.37% from a noteworthy peak of $783.5.