The Livestock future trades at $166.32, disappointing United States Pending Home Sales data

Live Cattle today at a glance: after closing the previous trading day at $166.1, CME Live Cattle is up to $166.32 per pound, which makes for a move of 0.14%/22.5 cents today. United States Pending Home Sales didn't cause a noticeable effect even though it falls short expectations with 0%.

Trend analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $166.93, thereby suggesting that CME Live Cattle is becoming overvalued.

With market volatility ebbing, the current technical outlook indicates CME Live Cattle will remain range-bound for the immediate future.

Feeder Cattle is down 80 cents from the beginning of the session and now trades around $233.72.

United States Pending Home Sales released earlier showed a marked improvement to 0% from the preceding data of -5.2%, but fell short of the 0.5% figure forecast by a consensus of market analysts. Data for United States GDP released today at 12:30 UTC is better than expected with 1.3, but worse than previous figure of 2.6.

Tomorrow at 12:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to 0% from the preceding figure of 0.2%. United States Core PCE Price Index (MoM) (Apr) scheduled to come out tomorrow 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 27.18% higher.