After three days of going up, Oats went down $8 yesterday and closed at $411.75, indicating a potential change of course

A quick look at yesterday: Oats slid down from $419.75 to $411.75 per bushel, taking a $8 loss (1.91%)

Amid the market gloom, United States Services PMI came out at 54.1, while a consensus of analysts was expecting 54. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 166,500, while the previous figure was 155,100. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 163,000, while the previous figure was 160,200.

Oats made an initial break below its 5 day Simple Moving Average at $410.7, a possible indication of a forthcoming negative trend. In contrast, the Oats future could begin to recover as it approaches significant support, now $10.17 away from $401.58. Dipping below could be an indication that further losses are ahead.

Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting the Oats future to extend its recent losses.

The Oats future's value drop coincided with the fact that Corn lost 5.88% yesterday and closed at $620.75. After ending yesterday's session at $1,339.5, Soybeans lost $35.5 and is trading around $1,304.

The commodity has been trending positively for about a month. The CME Oats future hit a significant low of $302.75 around a month ago, but has since recovered 38.65%.