USMEF anticipates strong rebound for beef
June beef exports were on par with the May lows, down 33% from a year ago. Exports were lower than the previous year to most markets except for Canada, China and South Africa where official figures showed an increase. Exports accounted for 9.7% of beef production in June, down from 15.4% a year ago, the lowest in 10 years.
Historic Seasonality data shows August returns an average of 0.071%, September 0.428%, October 1.387%, November 0.925% and December 0.623%. Multi-year Inside trendline support (A) (now resistance) junctions with 50% fib level (1), taken from the January highs of this year and the April lows. Watch for increased buying pressure above this resistance zone, with a first weekly target of 114s. Weakness around these current levels will most likely result in revisiting first significant support at 100.475.
Historic Seasonality data shows August returns an average of 0.071%, September 0.428%, October 1.387%, November 0.925% and December 0.623%. Multi-year Inside trendline support (A) (now resistance) junctions with 50% fib level (1), taken from the January highs of this year and the April lows. Watch for increased buying pressure above this resistance zone, with a first weekly target of 114s. Weakness around these current levels will most likely result in revisiting first significant support at 100.475.