After closing the previous trading day at $361.25, the CME Oats future is up to $365 per bushel, which makes for a move of 1.04%/$3.75 today.
This move comes while some more positive signs for the CME Oats future are out as highly important Initial Jobless Claims data from United States beat analyst expectations of 215,000 with a reading of 205,000.
Meanwhile, United States Consumer Price Index released yesterday at 13:30 UTC with a figure of -0.1%, while the previous figure was 0.1%. United States Core Consumer Prices came out at 0.3%, while a consensus of analysts was expecting 0.3%.
Bollinger Band® analysis indicates that current price action is approaching the upper band at $378.31, thereby suggesting that Oats is becoming overvalued.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Oats is set for a reversal in the coming days.
Rallies can also be seen in other Grains, Rough Rice gained 0.86% and is now trading at $18.21. Soybeans improves 0.54% to trade around $1,526.75.
Other Grains are showing mixed performance as Corn trades with no major change, around $673.
Approximately 9 months ago, the CME Oats future reached a significant high of $783.5 but has struggled to hold onto its gains and declined 53.89% since then.