CME Live Cattle trades at $164.72 per pound, after ending yesterday at $164.57.
United States's Pending Home Sales new data released of -5.2% below its previous figure.
Uncertainty around the Livestock future is reflected by published market data as following a previous reading of 0.8%, Pending Home Sales in United States released today at 14:00 UTC fell short of the 0.5% figure expected by analysts with an actual reading of -5.2%. Following a previous reading of 2.6, GDP in United States released today at 12:30 UTC fell short of the two figure expected by analysts with an actual reading of 1.1. Data for United States Initial Jobless Claims published today at 12:30 UTC came out at 230,000, beating projections of 248,000 and showing improvement over the preceding figure of 246,000.
Live Cattle's upper Bollinger Band® is at $167.84, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests CME Live Cattle is positioned for a downward move in the near term.
Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Mar) is scheduled for tomorrow at 12:30 UTC.
Trading mostly sideways for 10 months. Live Cattle reached a significant high of $168.18 around 27 days ago but has lost 2.14% since then.