Oats set for weak finish today; down 2.56% to $304 per bushel with a hour before close

After a mostly steady day, Oats loses $8 late into the session, trading at $304 per bushel.

The Oats future is currently trading at $304 following the release of ISM Manufacturing PMI (Apr) data from the United States.

Meanwhile, United States ISM Manufacturing PMI (Apr) released today at 14:00 UTC with a figure of 47.1, while the previous figure was 46.3. United States ISM Manufacturing Prices (Apr) came out at 53.2, while a consensus of analysts was expecting 49. United States ISM Manufacturing Employment (Apr) came out at 50.2, while a consensus of analysts was expecting 47.9.

Oats fell below the $309.83 support zone and moved $5.83 beyond it; the next level of support with significant buyer interest is estimated at $308.08. The CME Oats future made an initial break below its 3 day Simple Moving Average at $313, a possible indication of a forthcoming negative trend. On the other hand, note that the Oats future's lower Bollinger Band® is at $309.16, 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 that although indicators are mixed and some are pointing in different directions further drawbacks may be next for CME Oats.

Though the Oats future has been dropping, other Grains have been performing better: Rough Rice is up 1.41%. Soybeans ascends 0.56% to trade around $1,427.25.

Furthermore, United States JOLTs Job Openings (Mar) scheduled to come out tomorrow at 14:00 UTC.

The commodity has been trending lower for about a month. CME Oats has fallen back around 55.79% over the past 11 months, from a notable high of $705.75.