After closing the previous trading day at $163.57, the Livestock future is up to $165.03 per pound, which makes for a move of 0.89%/$1.45 today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
At the same time, United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Bollinger Band® analysis indicates that current price action is approaching the upper band at $167.82, thereby suggesting that Live Cattle is becoming overvalued.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest CME Live Cattle is set for a reversal in the coming days.
Furthermore, the market is looking at projections for United States Crude Oil Inventories are set for a continuation of decline with 1.17 million while previous data was 16.28 million; data will be released tomorrow at 16:00 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 200,000 from the preceding figure of 194,000.
The market is looking forward to the release of new data: United States GDP figure is projected at 2.9. It previously stood at 2.9; data will be released tomorrow at 13:30 UTC.
The commodity has been trending positively for about 8 months. Over the past 9 days, Live Cattle has retreated 0.95% from a noteworthy peak of $165.15.