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.

IndicatorVALUESignal
RSINeutral
MACDNeutral
Donchian ChannelBuy
MA(200)Sell
FractalsNeutral
Parabolic SARBuy

 

Summary of technical analysis

OrderBuy
Buy stopAbove 100.42
Stop lossBelow 93.66

Market Analysis provided by IFCMarkets