After five days of declines, the Rough Rice future is up 5 cents today

After closing the previous trading day at $16.29, CME Rough Rice is up to $16.34 per cwt, which makes for a move of 0.31%/5 cents today.

United States Initial Jobless Claims data will be released today at 13:30 UTC, with an expected decline to 195,000.

Nevertheless, highly important Crude Oil Inventories data from United States beat analyst expectations of 395,000 with a reading of -1.69 million.

Meanwhile, United States JOLTs Job Openings (Jan) released yesterday at 15:00 UTC with a figure of 10.82 million, while the previous figure was 11.23 million. United States ADP Nonfarm Employment Change (Feb) came out at 242,000, while a consensus of analysts was expecting 200,000.

Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Momentum evaluation shows that the Relative Strength Index indicates Rough Rice is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, the Rough Rice future's lower Bollinger Band® is at $16.33, indicating that the market is oversold and fertile for new buyers.

All in all, the technical analysis suggests Rough Rice has no clear-cut direction.

A look at other Grains also shows upside as Soybeans is up 0.56%. Oats improves 0.94% to trade around $348.5.

While the Rough Rice future is appreciating, other Grains are comparatively not doing so well — Corn is down to $628.5, losing $6, after closing at $634.5 in the preceding trading session.

Also worthy of note, projections for United States Non Farm Payrolls are set for a continuation of decline with 205,000 while previous data was 517,000; data will be released tomorrow at 13:30 UTC. United States Initial Jobless Claims expected to decline to 195,000 while its preceding data was 190,000, data will be available today at 13:30 UTC.

Furthermore, the market is looking at United States Unemployment Rate is expected tomorrow at 13:30 UTC.

Having set a significant high of $18.49 29 days ago, CME Rice is trading 11.9% lower.