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Losing streak continues, Live Cattle lost 70 cents to $164.78 adding to its 21 consecutive days of drops

02 May 2023

LCUSX

CME Live Cattle is down to $164.78 per pound, after ending today at $165.47. Overall, a 0.42% loss or 70 cents today.

Amid the market gloom, United States ISM Manufacturing PMI (Apr) came out at 47.1, while a consensus of analysts was expecting 46.8. United States ISM Manufacturing Prices (Apr) released today at 14:00 UTC with a figure of 53.2, while the previous figure was 49.2. United States ISM Manufacturing Employment (Apr) came out at 50.2.

Live Cattle's upper Bollinger Band® is at $166.75 which indicates a further downward move may follow.

Overall, looking at the technical analysis landscape, it seems CME Live Cattle is likely to start pointing downward in the short term.

In the meantime, negative performances are also seen in other Meats as Feeder Cattle slumps 0.43% to trade around $229.72.

Furthermore, United States JOLTs Job Openings (Mar) will be released tomorrow at 14:00 UTC.

Trading mostly sideways for 11 months. 10 months ago, Live Cattle fell to a low of $130.6 but has since recovered 26.7%.

Market Summary

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Energy traders focused on NYMEX Heating Oil as it powers 1.95% higher

CME Live Cattle gets off to a weak start; down 0.55% this morning to $163.03 per pound

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