April 20, 2020
By IFCMarkets
A range of meat factories closed in the US
The decrease in beef production in the United States is due to the closure of a significant number of slaughterhouses and meat processing plants due to the coronavirus pandemic. In particular, JBS USA and the National Beef Packing Company ceased operations. Earlier, LCATTLE quotes fell to a minimum since May 2006. It could also affect the sentiments of manufacturers. Note that the demand for American beef in the world market remains quite high. From the beginning of 2020 up to April 9, US exports increased by 12% compared to the same period in 2019. China and Asian countries are the main buyers.
| Indicator | VALUE | Signal |
|---|---|---|
| RSI | Buy | |
| MACD | Buy | |
| MA(200) | Neutral | |
| Fractals | Neutral | |
| Parabolic SAR | Buy | |
| Bollinger Bands | Sell |
Summary of technical analysis
| Order | Buy |
| Buy stop | Above 89,5 |
| Stop loss | Below 76,5 |
Market Analysis provided by IFCMarkets
