May Feeder Cattle opened higher, made the session low at 234.70 and then rallied to the high at 239.50. Price pulled back, consolidated and settled at 238.00. The rally took price past the declining 8-DMA now at 238.225and resistance at 238.35. Resistance held with the settlement below both levels keeping bears in control of the market, in my opinion. The …
Grain Spreads: Beans Fall Back
Commentary May soybeans finished down over 15 cents which basically nullified Friday’s rallies in today’s session. Price action was weak all session as energy prices retreated following Iran’s attempted strike against Israel over the weekend. This morning’s export inspections showed that the seasonal decline in soy shipments may continue. Loadings last week totaled 430K vs 530K a year ago. The …
Pure Hedge – Livestock and Grain
4/12/24 Wow, there was some vicious price action today. I think this kind of volatility is here to stay. I am still Bearish the Cattle and Soybean Markets. If they don’t break these beans before May Options expire, I would expect a huge move lower in July’24 Soybeans the next trading day or week. The Livestock Markets were …
Walsh Gamma Trader
4/12/24 COMMODITY BUY/SELL COST PER CONTRACT EXPIRATION GRAINS SEP’24 SOYBEAN MEAL BUY 270P 0.65 or $65.00/Contract 133 Days – 8/23/24 JUL’24 CORN BUY 390P 1 5/8 or $81.25/Contract 70 Days – 6/21/24 AUG’24 SOYBEANS BUY 1000P 1 7/8 or 93.75/Contract 105 Days – 7/26/24 JULY’24 WHEAT BUY 470P 1 3/4 or $87.50/Contract 70 Days – 6/21/24 LIVESTOCK AUG’24 LIVE CATTLE …
Hogs Crash Go Limit Down
June Lean Hogs was hammered on Friday, opening lower, making the high at 106.025 and then crashing to go limit down at the low at 102.05. It sat there the rest of the session, with a slight uptick at the end of the day, keeping it from settling limit down. Settlement was at 102.075. The Equity markets were banged up …
Cattle Markets Bounce
May Feeder Cattle made a new low for the down move at 234.675, stopping just above support at 234.475. Price rebounded, rallying the rest of the session to the high at 238.85. The rally took price past resistance at 238.35 but it couldn’t stay above it, settling at 238.15. The cash index has been falling the past couple of days …
Pure Hedge – Livestock and Grain
4/10/24 I hope you are on the right side, for the rest of the move lower. I have been saying the same thing for months, and it’s not over yet. The Beans and the Cattle were both lower again today, and I feel that could accelerate tomorrow. Today, June’24 Live Cattle were 2.00 lower and settled at 172.85. Today’s high …
Grain Spreads: KC Weather Rally?
Commentary May KC wheat saw a combination of speculative buying and fund short covering today as KC wheat rallied 17 cents in the most active traded contract, while the other wheat classes finished up 1 penny. The extent of today’s rally is not known in my opinion but given that 90 percent of our pricing influence is weather in my …
Pure Hegde – Livestock and Grain
4/8/24 The Soybeans and the Cattle Markets, I feel are on the edge of the next big break. Do what you need to do now, to protect your downside exposure. June’24 Live Cattle were 1.27 ½ higher today and settled at 173.32 ½, which is also today’s high. The 1-month high is 186.62 ½. Today’s low was 171.90 and the …
Hogs Make New High
June Lean Hogs opened on weakness and traded lower to the low at 106.625. This took price just below support at 106.85 and it held as bulls took over and price grinded higher the rest of the session. It made the high at 108.35, a new high for the up move and it settled near the high at 107.925. Settlement …