After closing the previous trading day at $158.43, CME Live Cattle is up to $163.78 per pound, which makes for a move of 3.38%/$5.35 today.
United States Non Farm Payrolls data will be released today at 13:30 UTC, with an expected decline to 185,000.
This move comes while some more positive signs for the Livestock future are out as data for United States Initial Jobless Claims published yesterday at 13:30 UTC came out at 183,000, beating projections of 200,000 and showing improvement over the preceding figure of 186,000.
At the same time, United States Factory Orders released earlier showed a marked improvement to 1.8% from the preceding data of -1.9%, but fell short of the 2.3% figure forecast by a consensus of market analysts. United States Unit Labor Costs (QoQ) (Q4) released yesterday at 13:30 UTC with a figure of 1.1, while the previous figure was two.
Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that according to technical analysis of Live Cattle's Relative Strength Index (RSI), the market is currently overbought. Asset volatility analysis shows that CME Live Cattle's upper Bollinger Band® is at $161.62, this is a slight indication of a slowdown.
Notwithstanding CME Live Cattle's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in Live Cattle's price coincides with other Meats as having closed the previous session at $183.25, Feeder Cattle is up 1.47% today to currently trade at around $185.95.
Furthermore, the market is looking at today at 13:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 185,000 from the preceding figure of 223,000. Today at 13:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.6 from the preceding figure of 3.5.
The market is looking forward to the release of new data: United States ISM Non-Manufacturing PMI (Jan) scheduled to come out today at 15:00 UTC.
The commodity has been trending positively for about 8 months. Approximately 2 days ago, CME Live Cattle reached a significant high of $162.18 but has struggled to hold onto its gains and declined 2.31% since then.