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April 29, 2023
A quick look at yesterday: CME Live Cattle rose 25 cents to close at $165.45 per pound yesterday which makes for a move of 0.15%.
Meanwhile, United States Core PCE Price Index (MoM) (Mar) came out at 0.3, while a consensus of analysts was expecting 0.3. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 236,400, while the previous figure was 244,600. United States CFTC Gold speculative net positions came out at 185,300.
Live Cattle's upper Bollinger Band® is at $166.9, this is a slight indication of a slowdown.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest the Livestock future is set for a reversal in the coming days.
At the same time, Feeder Cattle is down to $230.68, losing 90 cents, after ending the previous session around $231.57.
The commodity has been trending positively for about 10 months. The Livestock future hit a significant low of $130.6 around 10 months ago, but has since recovered 26.49%.
