The Livestock future is down to $163.18 per pound, after ending Friday at $164.28. Overall, a 0.67% loss or $1.1 today.
The Livestock future is currently trading at $163.18 following the release of U.S. President Biden speech data from the United States.
Meanwhile, United States Participation Rate (Feb) released today at 13:30 UTC with a figure of 118.3, while the previous figure was 62.4.
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. The Livestock future has just crossed the lower Bollinger Band® at $163.61, indicating further losses could be forthcoming.
Looking forward, Live Cattle is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other Meats as Feeder Cattle is down to $190.43, losing $1.05, after closing at $191.47 in the preceding trading session.
Furthermore, United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Consumer Price Index figure is projected at 6%. It previously stood at 6.4%; data will be released tomorrow at 12:30 UTC. United States Core Consumer Prices is expected tomorrow at 12:30 UTC.
The commodity has been trending positively for about 9 months. The Livestock future reached a significant high of $166.22 around 7 days ago but has lost 1.17% since then.