CME Live Cattle is down to $157.57 per pound, after ending yesterday at $157.75. Overall, a 0.11% loss or 17.5 cents today.
Nonetheless, encouraging indicators for CME Live Cattle published earlier when data for United States Initial Jobless Claims published today at 13:30 UTC came out at 205,000, beating projections of 215,000 and showing improvement over the preceding figure of 206,000.
Meanwhile, United States Consumer Price Index came out at -0.1%, while a consensus of analysts was expecting 0%. United States Core Consumer Prices released today at 13:30 UTC with a figure of 0.3%, while the previous figure was 0.2%.
Live Cattle's upper Bollinger Band® is at $159.05 which indicates a further downward move may follow.
Overall, looking at the technical analysis landscape, it seems the Livestock future is likely to continue pointing down in the short term.
Taking a look at other Meats commodities, negative performances are evident as Feeder Cattle draws back 0.67% to trade around $184.3.
The commodity has been trending positively for about 7 months. The past 3 months have been positive for Live Cattle as it added 8.25% compared to its 3-month low of $130.6.