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June 22, 2023
After closing the previous trading day at $169.75, Live Cattle is up to $171.3 per pound, which makes for a move of 0.91%/$1.55 today.
United States's Crude Oil Inventories new data released of -3.83 million below its previous figure.
Nevertheless, following a previous reading of 7.92 million, Crude Oil Inventories in United States released today at 15:00 UTC fell short of the 1.87 million figure expected by analysts with an actual reading of -3.83 million. New United States Initial Jobless Claims data fell short of the 260,000 projected by analysts with a reading of 264,000 while failing to improve upon the previous reading from last month (264,000).
Meanwhile, United States Existing Home Sales (May) came out at 4.3 million, while a consensus of analysts was expecting 4.25 million.
This rally in Live Cattle's price coincides with other Meats as Feeder Cattle is up 1.3% to $230.68.
Furthermore, the market is looking at United States Services PMI is expected tomorrow at 13:45 UTC.
Trading mostly sideways for a year. Having soared to a high of $175.62 approximately 16 days ago, CME Live Cattle is now trading 3.35% lower.
