Bullish CME Live Cattle runs out of steam at $178.18; currently at $177.15 per pound

After closing the previous trading day at $172.9, Live Cattle is up to $177.15 per pound, which makes for a move of 2.46%/$4.25 today.

United States EIA Short-Term Energy Outlook is next today at 16:00 UTC.

Meanwhile, United States ISM Non-Manufacturing PMI (May) released yesterday at 14:00 UTC with a figure of 50.3, while the previous figure was 51.9. United States Services PMI came out at 54.9, while a consensus of analysts was expecting 55.1. United States Factory Orders published yesterday at 14:00 UTC came out at 0.4%, falling short of the 1.1% projections and continuing its decline from the previous 0.6% figure.

Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that the Relative Strength Index indicates Live Cattle is in a strong overbought condition. Asset volatility analysis shows that CME Live Cattle's upper Bollinger Band® is at $174.92, this is a slight indication of a slowdown.

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

Rallies can also be seen in other Meats, Feeder Cattle climbs 0.35% to trade around $242.75.

Also worthy of note, projections for United States Crude Oil Inventories are set for a continuation of decline with 1.15 million while previous data was 4.49 million; data will be released tomorrow at 14:30 UTC.

Elsewhere, United States EIA Short-Term Energy Outlook will be released today at 16:00 UTC.

The commodity has been trending positively for about a year. A day ago the Livestock future reached a significant high of $173.3 but has consequently lost 0.23% since then.