| 
April 05, 2023While on a 5 day slump, falling a total of 9.05%, Similar trend today: the CME Oats future is down to $339 per bushel, after ending yesterday at $341. Overall, a 0.59% loss or $2 today.
While price action maintains a negative bias, United States JOLTs Job Openings (Feb) came out at 9.93 million, while a consensus of analysts was expecting 10.4 million. United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -4.35 million, while the previous figure was -6 million. United States Factory Orders released earlier showed a marked improvement to -0.7% from the preceding data of -2.1%, but fell short of the -0.5% figure forecast by a consensus of market analysts.
Oats's lower Bollinger Band® is at $321.03, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, looking at the technical analysis landscape, it seems the CME Oats future —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
Taking a look at other Grains commodities, negative performances are evident as Rough Rice falls 1.61% to trade around $16.77.
Though the CME Oats future has been dropping, other Grains have been performing better: Corn is up 4.14%.
In addition, United States Crude Oil Inventories is projected to outperform its last figure with -2.33 million. It previously stood at -7.49 million; data will be released today at 14:30 UTC.
Furthermore, United States ADP Nonfarm Employment Change (Mar) is scheduled for today at 12:15 UTC. United States ISM Non-Manufacturing PMI (Mar) will be released today at 14:00 UTC.
The commodity has been trending positively for about 29 days. Oats has fallen back around 56.48% from the significant high of $783.5 set 11 months ago.
