CATTLE Analysis: Lower beef production forecast bullish for live cattle price

May 21, 2020

By IFCMarkets

Lower beef production forecast bullish for live cattle price

The US Department of Agriculture World Agricultural Supply and Demand Estimate forecast for 2020 lower US total red meat and poultry production from last month as the sector adjusts to COVID-19 and economic uncertainty. Beef production is reduced as lower expected cattle slaughter more than offsets heavier carcass weights. Lower production is bullish for the live cattle price.

Indicator VALUE Signal
RSI Neutral
MACD Neutral
Donchian Channel Buy
MA(200) Sell
Fractals Neutral
Parabolic SAR Buy

 

Summary of technical analysis

Order Buy
Buy stop Above 100.42
Stop loss Below 93.66

Market Analysis provided by IFCMarkets


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