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.
Summary of technical analysis
|Buy stop||Above 100.42|
|Stop loss||Below 93.66|
Market Analysis provided by IFCMarkets
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