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May 02, 2023
The Livestock future is down to $164.78 per pound, after ending yesterday at $165.47. Overall, a 0.42% loss or 70 cents today.
United States JOLTs Job Openings (Mar) is next today at 14:00 UTC.
While price action maintains a negative bias, United States ISM Manufacturing PMI (Apr) released yesterday at 14:00 UTC with a figure of 47.1, while the previous figure was 46.3. United States ISM Manufacturing Prices (Apr) came out at 53.2, while a consensus of analysts was expecting 49. United States ISM Manufacturing Employment (Apr) released yesterday at 14:00 UTC with a figure of 50.2, while the previous figure was 46.9.
Live Cattle's upper Bollinger Band® is at $166.75 which indicates a further downward move may follow.
Overall, the technical analysis landscape suggests that on the balance of probability, Live Cattle is expected to maintain its bearish bias.
Taking a look at other Meats commodities, negative performances are evident as after ending yesterday's session at $230.72, Feeder Cattle lost $1 and is trading around $229.72.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -1,000,000. It previously stood at -5 million; data will be released tomorrow at 14:30 UTC.
Furthermore, United States Interest Rate figure is projected at 5.25. It previously stood at five; data will be released tomorrow at 18:00 UTC. United States ADP Nonfarm Employment Change (Apr) will be released tomorrow at 12:15 UTC.
Trading mostly sideways for 11 months. Live Cattle hit a significant low of $130.6 around 11 months ago, but has since recovered 26.7%.
