While Oats was in the midst of a 7 day downtrend— in which it lost a total of 8.38%— A possible reversal detected from yesterday; hesitant but grinding higher: the Oats future closed at $341.5 per bushel after ranging between $332 and $343.75.
United States Non Farm Payrolls data will be released today at 12:30 UTC, with an expected decline to 239,000.
Nevertheless, United States Initial Jobless Claims released earlier showed a marked improvement to 228,000 from the preceding data of 246,000, but fell short of the 200,000 figure forecast by a consensus of market analysts.
At the same time, United States Reserve Balances with Federal Reserve Banks released yesterday at 20:30 UTC with a figure of 3.38 trillion, while the previous figure was 3.40 trillion. United States Fed's Balance Sheet came out at 8.63 trillion.
Technical analysis of CME Oats's past price action reveals multiple support and resistance levels: Oats broke through the $343.92 resistance and climbed $2.42 above it. Concerning technical analysis and more specifically, trend indicators, CME Oats made an initial breakout above its 3 day Simple Moving Average at $341.58, a potential indicator of a newly emerging bullish phase. Yesterday's price action generated a Japanese candlestick pattern showing 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end.
Overall, the technical outlook suggests the CME Oats future is likely to remain muted for the immediate future, with no clear-cut direction.
Rallies can also be seen in other Grains, Rough Rice rises 0.21% yesterday and closed at $16.86.
Other Grains showed mixed performance as a flat day for Corn, closing at $620.75.
Also worthy of note, today at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 239,000 from the preceding figure of 311,000.
Furthermore, the market is looking at United States Unemployment Rate figure is projected at 3.6. It previously stood at 3.6; data will be released today at 12:30 UTC.
The commodity has been trending positively for about 30 days. Having soared to a high of $783.5 approximately 11 months ago, the CME Oats future is now trading 56.57% lower.