Tough start for CME Live Cattle this morning following 0.56% decline; now at $161.22 per pound

The Livestock future is down to $161.22 per pound, after ending yesterday at $162.12. Overall, a 0.56% loss or 90 cents today.

While price action maintains a negative bias, United States ISM Manufacturing PMI (Mar) released yesterday at 14:00 UTC with a figure of 46.3, while the previous figure was 47.7. United States ISM Manufacturing Employment (Mar) came out at 46.9, while a consensus of analysts was expecting 50. Fresh ISM Manufacturing Prices (Mar) data from United States came out at 49.2.

Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $161.77, a low enough level to, generally, suggest that the Livestock future is trading below its fair value.

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

In the meantime, negative performances are also seen in other Meats as Feeder Cattle goes down 1.06% to trade around $198.7.

In addition, United States Crude Oil Inventories is projected to outperform its last figure with -1.8 million. It previously stood at -7.49 million; data will be released tomorrow at 14:30 UTC.

Furthermore, United States ADP Nonfarm Employment Change (Mar) will be released tomorrow at 12:15 UTC. United States JOLTs Job Openings (Feb) scheduled to come out today at 14:00 UTC.

Trading mostly sideways for 10 months. Having set a significant high of $168.18 4 days ago, CME Live Cattle is trading 3.6% lower.