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May 16, 2023
Live Cattle is on an 8 day uptrend — Bucking the trend and turning lower, the Livestock future is down to $164.18 per pound, after ending yesterday at $164.4. Overall, a 0.14% loss or 22.5 cents today.
United States Core Retail Sales data will be released today at 12:30 UTC, with an expected improvement to 0.4%. CME Live Cattle reaction to indicator information will follow.
Amid the market gloom, United States TIC Net Long-Term Transactions (Mar) came out at 133.3 billion, while a consensus of analysts was expecting 85.4 billion. United States NY Empire State Manufacturing Index (May) released yesterday at 12:30 UTC with a figure of -31.8, while the previous figure was 10.8.
Live Cattle's upper Bollinger Band® is at $165.93 which indicates a further downward move may follow.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Live Cattle to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Live Cattle is expected to attract significant bearish sentiment in the coming days.
Positive performances can be seen by looking at other Meats markets as Feeder Cattle is up 0.83%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Crude Oil Inventories are set for a continuation of decline with -1.3 million while previous data was 2.95 million; data will be released tomorrow at 14:30 UTC.
Some optimism can drawn from the fact that United States Retail Sales is projected to outperform its last figure with 0.8%. It previously stood at -0.6%; data will be released today at 12:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.4%, having previously been at -0.4%. The figure will be published today at 12:30 UTC.
Trading mostly sideways for 11 months. Having set a significant low of $130.6 11 months ago, Live Cattle is trading 25.88% higher.
