Meats in focus as bullish CME Live Cattle posts 0.48% gain

The Livestock future rallies 80 cents (0.48%) deep into the session, trading at $166.22 per pound.

At the same time, United States Factory Orders released today at 15:00 UTC is better than expected at -1.6% but down from preceding data of 1.7% according to new data.

As the trading day comes to an end, chart analysis indicates Live Cattle could be slowing down soon as it approaches resistance at $166.22. Of course, crossing it might suggest further gains are ahead. Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, Live Cattle's upper Bollinger Band® is at $167.25, 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.

A look at other Meats also shows upside as Feeder Cattle is up 4.63%.

Elsewhere, United States Fed Chair Powell testimony will be released tomorrow at 15:00 UTC. United States EIA Short-Term Energy Outlook is expected tomorrow at 17:00 UTC.

The commodity has been trending positively for about 9 months. The past 3 months have been positive for CME Live Cattle as it added 8.03% compared to its 3-month low of $130.6.