After 21 days of persistent declines, the Livestock future stabilises around $176.82

CME Live Cattle trades at $176.82 per pound, after ending yesterday at $176.82.

Uncertainty around the Livestock future is reflected by published market data as United States ISM Manufacturing PMI (Jun) released yesterday at 14:00 UTC with a figure of 46, while the previous figure was 46.9. United States ISM Manufacturing Employment (Jun) came out at 48.1, while a consensus of analysts was expecting 50.8. United States ISM Manufacturing Prices (Jun) released yesterday at 14:00 UTC with a figure of 41.8, while the previous figure was 44.2.

Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Japanese candlestick formations show 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. Asset volatility analysis shows that CME Live Cattle's upper Bollinger Band® is at $177.41, suggesting that a downward move may follow.

Overall, while Live Cattle has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

Furthermore, the market is looking at United States FOMC Meeting Minutes is scheduled for tomorrow at 18:00 UTC.

The commodity has been trending positively for about 1 year, 1 month. The past 3 months have been positive for Live Cattle as it added 9.67% compared to its 3-month low of $133.12.