While Oats 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. Currently trading at $338 per bushel, the CME Oats future remains range-bound between $338 and $338.5.
United States Consumer Confidence data will be released today at 15:00 UTC, with an expected improvement to 101 (previous figure was 100.2).
Meanwhile, United States Building Permits (Nov) released yesterday at 13:30 UTC with a figure of 1.34 million, while the previous figure was 1.51 million. United States API Weekly Crude Oil Stock came out at -3 million, while a consensus of analysts was expecting -167,000. United States Housing Starts (Nov) released yesterday at 13:30 UTC with a figure of 1.43 million, while the previous figure was 1.43 million.
Analysis of Oats's recent price action suggests Oats could be slowing down soon as it approaches resistance at $340.5. Of course, crossing it might suggest further gains are ahead.
This rally in the Oats future's price coincides with other Grains as Soybeans ascends 0.47% to trade around $1,486.75. Having closed the previous session at $18.07, Rough Rice is up 0.25% today to currently trade at around $18.12.
Furthermore, the market is looking at today at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -1.66 million from the preceding figure of 10.23 million. United States Initial Jobless Claims projected to come out at 222,000 — worse than previous data of 211,000; data will be released tomorrow at 13:30 UTC.
Also worthy of note, United States Existing Home Sales (Nov) scheduled to come out today at 15:00 UTC.
The CME Oats future is now trading 57.05% below the significant high of $783.5 it set around 8 months ago.