While in the midst of a 3 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 $383, CME Oats is up to $385 per bushel, which makes for a move of 0.52%/$2 today.
United States ADP Nonfarm Employment Change (Nov) is next today at 13:15 UTC.
The CME Oats future upside coincides with further encouraging market factors as highly important Consumer Confidence data from United States beat analyst expectations of 100 with a reading of 100.2.
Meanwhile, United States API Weekly Crude Oil Stock came out at -7.85 million, while a consensus of analysts was expecting -2.49 million. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Sep) released yesterday at 14:00 UTC with a figure of 10.4, while the previous figure was 13.1.
Bollinger Band® analysis indicates that current price action is approaching the upper band at $402.95, thereby suggesting that Oats is becoming overvalued.
Oats is likely to reverse course and start pointing downward in the short term.
Other Grains are showing mixed performance as Soybeans trades close to $1,462.5, with no major change.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Pending Home Sales is projected to outperform its last figure with -5%. It previously stood at -10.2%; data will be released today at 15:00 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -2.76 million. It previously stood at -3.69 million; data will be released today at 15:30 UTC.
Elsewhere, United States Core PCE Price Index (MoM) (Oct) is scheduled for tomorrow at 13:30 UTC.
The commodity has been trending positively for about a month. The Oats future is now trading 51.12% below the significant high of $783.5 it set around 7 months ago.