CME Oats down to $335.25 today, continues bearish run

While on a 9 day downtrend, dropping a total of 10.06%, More of the same today: the CME Oats future is down to $335.25 per bushel, after ending yesterday at $339.5. Overall, a 1.25% loss or $4.25 today.

The CME Oats future is currently trading at $335.25 following the release of EIA Short-Term Energy Outlook data from the United States.

While price action maintains a negative bias, United States 3-Year Note Auction released today at 17:00 UTC with a figure of 3.81, while the previous figure was 4.635.

Oats's lower Bollinger Band® is at $320.44, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

Technical analysis indicates that the Oats future (currently on a downtrend) might reverse course and start pointing upward in the short term.

Positive performances can be seen by looking at other Grains markets as Rough Rice is up 2.63%. Soybeans is up 0.68%.

In addition, United States Crude Oil Inventories is projected to outperform its last figure with -1.3 million. It previously stood at -3.74 million; data will be released tomorrow at 14:30 UTC.

Furthermore, United States Consumer Price Index figure is projected at 0.2%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC. United States Core Consumer Prices is expected tomorrow at 12:30 UTC.

The commodity has been trending positively for about a month. Having soared to a high of $762 approximately 11 months ago, the Oats future is now trading 55.45% lower.