August Lean Hogs saw some follow through to the downside after Monday’s weak close. It traded down to 48.225 and settled at 48.875. Hogs are in a trading range with the low at 47.525 and the high at 50.35. Support on Wednesday is at 46.30 and then 43.05. Resistance is at 49.35, 50.475 and then 51.80. The Pork Cutout Index …
Livestock Report
Walsh Trading Daily Insights Commentary August Lean Hogs opened higher, rallied to the session high at 50.35 closing some more of the 50.60 – 49.375 gap then broke down and traded to the session low at 49.20. It settled near the low at 49.275. Hogs are in a downtrend in my opinion and the gap has been …
Grain Spreads: Value Play
Commentary: Its been said when markets can’t break on bearish news they inherently become bullish. Im switching gears here as I scan the Board looking for perhaps a value or inflation play for the 3rd and 4th quarter. Hogs look cheap to me further out on the calendar. I included a chart of December hogs below. In my view Hogs have …
Livestock Report
August Lean Hogs opened lower and traded to the session low at 48.10. The market reversed course and surged closing some more of the 50.60 – 49.375 gap with the session high at 50.00. Of course, the rally couldn’t hold and it pulled back settling at 49.075. Hogs are in a downtrend in my opinion and the gap could …
Grain Spreads: Surprises and Realities
Commentary: Accompanied with today’s written report is the weekly continuous Corn chart with December as the most actively traded contract. The last three days have seen the corn market first short cover into Tuesday’s prospective plantings and on farm stocks report, and then rally after its findings. From Monday’s low to today’s high saw a 40 cent rally from low …