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April 18, 2023
After closing the previous trading day at $337.5, CME Oats is up to $342.25 per bushel, which makes for a move of 1.41%/$4.75 today.
- United States Building Permits (Mar) is next today at 12:30 UTC.
- Today's gains are adding to Oats's a 4 day bullish trend, during which it gained a total of $6.75.
Earlier data releases related to Oats – United States TIC Net Long-Term Transactions (Feb) came out at 71 billion, while a consensus of analysts was expecting 101.9 billion. United States NY Empire State Manufacturing Index (Apr) released yesterday at 12:30 UTC with a figure of 10.8, while the previous figure was -24.6.
Here is the technical analysis of the Oats future before macro data is released:
The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions.
Overall, looking at the technical analysis landscape, it seems the Oats future might continue pointing upwards in the short term.
Coming up for the CME Oats future — as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of -2.46 million, following on from the preceding figure of 597,000. New data is set to be published tomorrow at 14:30 UTC. United States Building Permits (Mar) is expected today at 12:30 UTC.
As the markets get ready for more data to be released — Soybeans is up 0.81%. Having closed the previous session at $642.5, Corn is up 0.51% today to currently trade at around $645.75. After ending yesterday's session at $16.91, Rough Rice lost 4 cents and is trading around $16.87.
Having set a significant high of $741.25 a year ago, the Oats future is trading 54.47% lower.
