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June 04, 2023
A quick look at Friday: overall, CME Oats shed around $1.75 or 0.52% and ended Friday's session at $337.25 per bushel.
Despite being in the red so far in the current trading session, Oats peaked above its 50 day Simple Moving Average around $332.4 — typically an early indicator of a new bullish trend beginning to emerge.
Despite suffering losses in today's session, technical analysis is indicating that Oats will undergo a significant bounce in the immediate term.
CME Oats's value drop coincided with the fact that Corn lost 8.65% Friday and closed at $592.5.
Though the Oats future has been dropping, other Grains have been performing better: Soybeans added 1.69% and closed around $1,329.5 Friday. Rough Rice is trading around $17.61 after ending Friday's session at $14.79 (up 19.14% today).
Furthermore, United States Services PMI figure is projected at 55.1. It previously stood at 53.6; data will be released tomorrow at 13:45 UTC. United States ISM Non-Manufacturing PMI (May) is scheduled for tomorrow at 14:00 UTC.
The commodity has been trending positively for about 30 days. After hitting an important low of $302.75 approximately a month ago, Oats has bounced back 11.97% since.
