Commentary July Lean Hogs broke down to a new low for the down move, trading down to 52.45 before up-ticking at the end of the day to settle at 52.975. The Pork Cutout Index and the Lean Hog Index are falling apart after a strong rally. The collapse in value of thee Indices are putting downward pressure on futures prices, …
Grain Spreads: Nov 20/21 Soybeans
Commentary: In my view we will need to see hot and dry conditions develop into July and August for a soy complex rally. Planting and emergence so far has advanced rapidly into June for beans. Last week provided some hope as prices rallied about 40 cents from near term lows. We have stalled the last few days in the bean …
Livestock Report
Walsh Trading Daily Insights Commentary July Lean Hogs opened at the session lows, rallied to the session high and then pulled back to settle near unchanged from Friday’s settlement. The high at 55.00 was just above the 54.775 resistance level and the low at 53.20 was just below support at 53.20. It was a quiet session as …
Grain Spreads: Wild Wild Wheat
Commentary: Both Chicago and KC wheat appeared ready for a possible upside breakout as we closed last week. Was it simply month end profit taking? It’s possible given the twenty cent break in prices for both the Chicago and KC contracts to begin this week. The Monday/Tuesday break provided some bargain buying today in my view as traders weigh the …
Livestock Report
Walsh Trading Daily Insights Commentary The livestock markets started the new month and new week on a sour note. The markets opened lower and tested support levels with cattle markets mostly able to recover and hog’s remaining weak throughout the session. July Lean Hogs opened at the session lows and consolidated near the lows all session. It wasn’t able to …