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May 21, 2023
Friday at a glance: after a mostly steady day, the CME Oats future lost 5.26% deep into the session, ending up at $320 per bushel.
Technical analysis of CME Oats's past price action reveals multiple support and resistance levels: Oats could begin to recover as it approaches significant support, now $6.67 away from $313.33. Dipping below could be an indication that further losses are ahead. With regards to technical trend indicators, chart analysis show that despite being in the red so far in the current trading session, the Oats future peaked above its 50 day Simple Moving Average around $335.63 — typically an early indicator of a new bullish trend beginning to emerge. Having stamped out a session range of $320 to $340, Fibonacci-inclined Oats traders were highly concentrated around active Fibonacci support at $326.
With market volatility ebbing, the current technical outlook indicates Oats will remain range-bound for the immediate future.
CME Oats's value drop coincided with the fact that Soybeans is down to $1,305.25, losing $28, after ending the previous session around $1,333.25. Rough Rice lost 1.12% Friday and closed at $17.34.
Grains have been showing mixed performances as a flat day for Corn, closing at $556.25.
The Oats future is up 11.56% from the significant low of $302.75 it hit 19 days ago.
