US Beef Demand Increases
According to the US Department of Agriculture (USDA), in February 2020 the slaughter of cattle in the United States amounted to 2.58 million heads. It decreased by 11% compared to January 2020, but increased by 5% compared to February 2019. According to USDA, the number of cattle placed on cattle placements in February fell by 8% compared to February 2019. Earlier, Tyson Foods, a large food company, noted that the demand for meat in the United States increased markedly against the backdrop of quarantine.
India has reduced domestic supplies of beef meat due to unverified rumors that cattle may be somehow affected by the Covid-19 virus. There are no official statements yet. Rumors spread in the Indian states of Karnataka, Goa and Maharashtra.
Summary of technical analysis
|Buy stop||Above 96|
|Stop loss||Below 86|
Market Analysis provided by IFCMarkets
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