Late into the session, Live Cattle loses $1.2 (0.78%), currently trading at $151.85 per pound.
New United States Crude Oil Inventories improved upon the previous -3.12 million figure while also exceeding analyst expectations with a reading of 3.92 million.
On the flip side, positive data for Live Cattle released earlier when United States Crude Oil Inventories came out at 3.92 million, better than analyst estimates of 1.36 million and improving upon the previous reading of -3.12 million.
While price action maintains a negative bias, United States Cushing Crude Oil Inventories released today at 15:30 UTC with a figure of -923,000, while the previous figure was 1.27 million. United States API Weekly Crude Oil Stock came out at 5.62 million, while a consensus of analysts was expecting 1.1 million.
Live Cattle pushed below the $152.62 support level and extended 77 cents beyond it. The Livestock future made an initial break below its 10 day Simple Moving Average at $152.59, a possible indication of a forthcoming negative trend.
Overall, looking at the technical analysis landscape, it seems the Livestock future is likely to continue pointing down in the short term.
Furthermore, United States Consumer Price Index is expected tomorrow at 13:30 UTC. United States Core Consumer Prices is expected tomorrow at 13:30 UTC. United States Consumer Price Index is expected tomorrow at 13:30 UTC.
The commodity has been trending positively for about 5 months. The past 3 months have been positive for CME Live Cattle as it added 10.57% compared to its 3-month low of $130.6.