CME Oats is now trading at $387.5 per bushel after tracing out a steady $391.25 – $392.5 range today.
- United States Non Farm Payrolls is next today at 12:30 UTC.
- While flat so far today, the CME Oats future is on a 3 day bearish trend during which it lost $11 of its value.
Earlier data releases related to Oats – United States ISM Non-Manufacturing PMI (Oct) came out at 54.4, while a consensus of analysts was expecting 55.5. Highly important Initial Jobless Claims data from United States beat analyst expectations of 220,000 with a reading of 217,000.
Here is the technical analysis of CME Oats before its data is released:
Oats is climbing away and is now $8.25 from the $379.25 support line. CME Oats made an initial breakout above its 21 day Simple Moving Average at $384.79, a potential indicator of a newly emerging bullish phase.
Despite muted price action in the Oats future, chart analysis indicates it is positioned for a bullish run in the short term.
Coming up for Oats — United States Non Farm Payrolls projected to decline to 200,000 while previous data was 263,000; data will be released today at 12:30 UTC. Projections for United States Unemployment Rate are set for a continuation of decline with 3.6 while previous data was 3.5; data will be released today at 12:30 UTC.
As the markets get ready for more data to be released — Soybeans is up 1.1%. Rough Rice draws back 0.46% to trade around $17.5. Corn increases 0.59% to trade around $683.25.
Having set a significant high of $783.5 9 days ago, CME Oats is trading 9% lower.