Corn prices rally on strong demand from China. We saw this same scenario last year where CFTC managed money covered 400,000 short contracts and built on their long position. A month later they realized that we still have over a 20% expected carryout to use ratio and they unwound their long positions. This year the market is pricing in speculation that …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs made a new high for the up move reaching 72.80 before breaking down and settling at 71.425. The rally in December hogs stalled right at resistance at 72.80 and settlement was just above the key level at 71.325. December was strong while the remainder of the hog contract months were lower on …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs made a new high for the up move reaching 70.70 before breaking down to the session low at 68.825. This was a test of support at 68.90 and it held with futures rallying into the close and settling at 69.80. This is right at the key level at 69.80. The high …
Soy & Corn Market Commentary
Commentary: The soy continues to be led by the meal. There are some considerations to take note of. The meal spreads have all inverted. This is an obvious indication of a friendly scenario. The bean carry on paper is friendly. The question going forward is how much of this is dialed into the current price. Also, will the Chinese actually …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs was slammed right from the start of the trading session. The breakdown took price into gap region, with the gap high at 65.225 and the low at 64.80. The low of the session took place at 64.90, with buyers coming in and lifting price and grinding higher the remainder of the day. …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs Consolidated with the upper end of Thursday breakout candle. The high was at 67.375 and the low at 66.35. It settled at 67.125. It looks to me traders were spooked by trend-line resistance (this TL held back the previous rally attempt) at 67.825. I also have a key level at 67.80 in …
Grain Spreads:Ending Stocks Surprise
Commentary: Report Highlights: There was a sharp cut in carry-in here for 2020/21 as well per the USDA quarterly stocks, with acreage down 700k and yield unchanged; that leaves 2020 soybean output down 55 million bushels (mbu) month over month. Exports bumped up 75 mbu as well thanks to an historic sales pace to this point. Overall carryout or ending …
Soy & Corn Market Commentary
Commentary: The government will release an update tomorrow. The expectations are for confirmation of declines to the balance sheet. It is my concern that the market has adjusted for any numbers we may see tomorrow. The beans in my opinion have dialed in a large production decline. Perhaps a tighter carry than we could see tomorrow. This could prove significant. The point …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs rallied to the upper boundary of the trading range, making the high at 64.80, which is right at resistance. It settled nearby at 64.575. So, even with the rally Hogs are still trading within the 61.80 and 64.80 support and resistance zone, with the high at 64.85 and the low at …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs rallied today, gap opening higher and trading to the upper end of the trading range, making the high at 64.625. This is just below resistance at 64.80. Hogs pulled back and settled at 63.875. So, even with the rally Hogs are still trading within the 61.80 and 64.80 support and resistance zone, …