| 
June 15, 2023CME Live Cattle trades at $170.88 per pound, after ending yesterday at $170.97.
The Livestock future is currently trading at $170.88 following the release of Initial Jobless Claims data from the United States.
Uncertainty around the Livestock future is reflected by published market data as highly important Retail Sales data from United States beat analyst expectations of -0.1% with a reading of 0.3%. New United States Initial Jobless Claims data fell short of the 250,000 projected by analysts with a reading of 262,000 while failing to improve upon the previous reading from last month (262,000). United States Philadelphia Fed Manufacturing Index (Jun) released today at 12:30 UTC with a figure of -13.7, while the previous figure was -10.4.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions.
Despite the market lacking direction, technical chart analysis strongly suggests the Livestock future is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Meats as Feeder Cattle closed at $234.03 (down 0.79%).
Trading mostly sideways for a year. The Livestock future has fallen back around 2.65% over the past 9 days, from a notable high of $175.62.
