While the Oats future in the midst of a 5 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $335.5, CME Oats is up to $337 per bushel, which makes for a move of 0.45%/$1.5 today.
United States Initial Jobless Claims data will be released today at 13:30 UTC, with an expected decline to 195,000.
This move comes while some more positive signs for CME Oats are out as data for United States Crude Oil Inventories released yesterday at 15:30 UTC is better than expected with 1.17 million, but worse than previous figure of 7.65 million.
At the same time, United States ISM Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 47.7, while the previous figure was 47.4. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 307,000, while the previous figure was 700,000.
Concerning technical analysis and more specifically, trend indicators, 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, the Oats future's lower Bollinger Band® is at $326.19, indicating that the market is oversold and fertile for new buyers.
Overall, the technical outlook suggests Oats is likely to remain muted for the immediate future, with no clear-cut direction.
Though the Oats future is going up, other Grains are underperforming — Rough Rice closed at $17.45 (down 0.4%).
Other Grains are showing mixed performance as Soybeans trades with no major change, around $1,497.75.
Also worthy of note, United States Initial Jobless Claims projected to decline to 195,000 while previous data was 192,000; data will be released today at 13:30 UTC.
The market is looking forward to the release of new data: United States ISM Non-Manufacturing PMI (Feb) is expected tomorrow at 15:00 UTC.
The commodity has been trending lower for about 29 days. Having soared to a high of $783.5 approximately 10 months ago, the Oats future is now trading 57.18% lower.