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February 22, 2023
A 3 day downtrend has resulted in the asset losing $17.25. Today is looking a bit better: Oats trades at $347 per bushel, after ending yesterday at $346.
United States FOMC Meeting Minutes is next.
The CME Oats future's state is reflected by market data as United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Trend and momentum analysis indicates 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. Asset volatility analysis shows that CME Oats's upper Bollinger Band® is at $404.32 and the lower is $345.58.
The current technical outlook indicates the Oats future will continue to ebb sideways within tight ranges for the immediate future.
Meanwhile, mixed performances are seen in other Grains as Rough Rice is down to $17.27, losing 22.5 cents, after closing at $17.5 in the preceding trading session.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 200,000 from the preceding figure of 194,000. United States GDP figure is projected at 2.9. It previously stood at 2.9; data will be released tomorrow at 13:30 UTC.
CME Oats has fallen back around 55.84% over the past 10 months, from a notable high of $783.5.
