After closing the previous trading day at $394, the CME Oats future is up to $395.75 per bushel, which makes for a move of 0.44%/$1.75 today.
United States ADP Nonfarm Employment Change (Jan) is next today at 13:15 UTC.
Nevertheless, Consumer Confidence in United States fell short of market expectations (109) with a reading of 107.1, continuing the decline from the previous figure of 109.
Meanwhile, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 6.33 million, while the previous figure was 3.38 million. United States Chicago PMI (Jan) came out at 44.3, while a consensus of analysts was expecting 45.
Trend analysis indicates that investors are seeking long positions as Oats price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $399.2, thereby suggesting that CME Oats is becoming overvalued.
Overall, while the Oats future has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Meanwhile, after ending yesterday's session at $679.75, Corn lost $6.25 and is trading around $673.5.
Other Grains are showing mixed performance as Soybeans trades with no major change, around $1,533.5.
Also worthy of note, projections for United States Crude Oil Inventories are set for a continuation of decline with 376,000 while previous data was 533,000; data will be released today at 15:30 UTC.
The market is looking forward to the release of new data: United States ADP Nonfarm Employment Change (Jan) scheduled to come out today at 13:15 UTC. United States Interest Rate figure is projected at 4.75. It previously stood at 4.5; data will be released today at 19:00 UTC.
The commodity has been trending positively for about a month. The Oats future has fallen back around 49.71% over the past 9 months, from a notable high of $783.5.