Getting ready for the publication of the USDA report
U.S. The Department of Agriculture (USDA) reported that by the end of May this year, frozen beef stocks in the United States were 13% lower than the same period in 2018. Will the Fcattle quotations increase?
According to the USDA, the daily slaughter of cattle (cattle) in the United States last week amounted to 122 thousand heads, which is almost 2% more than last year. We also note that by June 1 of this year, the number of cattle in the US feedlots reached a historical maximum of 11.7 million heads, which was 2% on June 1, 2018. Meanwhile, in May, deliveries of cows to feedlots decreased by 3% from last year’s level. If this trend of reduction has lasted in June, then the livestock as of July 1 may decrease. This is able to push quotes up. June data will be published on July 19.
On the daily timeframe Fcattle: D1 broke up the downtrend resistance line. Various technical analysis indicators have generated uptrend signals. Further growth of quotations is possible in case of reduction in the number of cattle at feedlots in the USA.
Technical Analysis Summary
Position Buy
Buy stop Above 138,5
Stop loss Below 130,5
U.S. The Department of Agriculture (USDA) reported that by the end of May this year, frozen beef stocks in the United States were 13% lower than the same period in 2018. Will the Fcattle quotations increase?
According to the USDA, the daily slaughter of cattle (cattle) in the United States last week amounted to 122 thousand heads, which is almost 2% more than last year. We also note that by June 1 of this year, the number of cattle in the US feedlots reached a historical maximum of 11.7 million heads, which was 2% on June 1, 2018. Meanwhile, in May, deliveries of cows to feedlots decreased by 3% from last year’s level. If this trend of reduction has lasted in June, then the livestock as of July 1 may decrease. This is able to push quotes up. June data will be published on July 19.
On the daily timeframe Fcattle: D1 broke up the downtrend resistance line. Various technical analysis indicators have generated uptrend signals. Further growth of quotations is possible in case of reduction in the number of cattle at feedlots in the USA.
- The Parabolic indicator indicates an uptrend signal.
- The Bolinger bandsnarrowed, indicating volatility decrease.
- The RSI indicator is near the 50 mark. It has formed a divergence to increase.
- The MACD indicatorindicates bullish signal.
Technical Analysis Summary
Position Buy
Buy stop Above 138,5
Stop loss Below 130,5