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April 27, 2023
After closing the previous trading day at $164.03, CME Live Cattle is up to $164.57 per pound, which makes for a move of 0.34%/55 cents today.
United States Pending Home Sales data will be released today at 14:00 UTC, with an expected decline to 0.5%.
CME Live Cattle upside coincides with further encouraging market factors as highly important Initial Jobless Claims data from United States beat analyst expectations of 248,000 with a reading of 230,000.
Nevertheless, GDP in United States fell short of market expectations (two) with a reading of 1.1, continuing the decline from the previous figure of 2.6. United States Crude Oil Inventories published yesterday at 14:30 UTC came out at -5 million, falling short of the -1.49 million projections and continuing its decline from the previous -4.58 million figure.
Bollinger Band® analysis indicates that current price action is approaching the upper band at $167.82, thereby suggesting that Live Cattle is becoming overvalued.
The Livestock future is likely to reverse course and start pointing downward in the short term.
Rallies can also be seen in other Meats, having closed the previous session at $229.5, Feeder Cattle is up 0.63% today to currently trade at around $230.95.
Also worthy of note, United States Pending Home Sales projected to come out at 0.5% — worse than previous data of 0.8%; data will be released today at 14:00 UTC.
Elsewhere, United States Core PCE Price Index (MoM) (Mar) will be released tomorrow at 12:30 UTC.
Trading mostly sideways for 10 months. Live Cattle is now trading 2.47% below the significant high of $168.18 it set around 27 days ago.
