Lean Cattle Analysis: US Beef Demand Increases

March 24, 2020

By IFCMarkets

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.

Indicator VALUE Signal
RSI Buy
MACD Neutral
MA(200) Neutral
Fractals Neutral
Parabolic SAR Buy
Bollinger Bands Neutral

 

Summary of technical analysis

Order Buy
Buy stop Above 96
Stop loss Below 86

Market Analysis provided by IFCMarkets


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