Next week and into month end the trade will hear increased noise on prospective plantings for corn and soybeans. Our quarterly grain stocks and prospective plantings report released the last business day is one the of the most anticipated for the grain trade for the year. This year its heightened given the massive rally we have seen since Mid-August. High …
Ag Market Commentary
The markets were two sided today. There are some considerations at present in my opinion. First, the Brazilian crop will start to be marketed. This will not add to the US carry obviously. But it will knock the US out of contention in the export arena. This could limit further gains in the short term. It is my thought that …
Livestock Report
Walsh Trading Daily Insights Commentary April Lean Hogs gap opened higher, down-ticked to the session low at 92.00 and then raced to the session high at 93.125. It consolidated the remainder of the session and settled at 92.90. The high is a new high for the up-move and is now at levels last seen in May of 2019 for the …
Grain Spreads: July/Dec Corn
Commentary One of the reasons corn was higher in my view was that news from private exporters this AM reporting to the U.S. Department of Agriculture export sales of 1,156,000 metric tons of corn for delivery to China during the 2020/2021 marketing year. The old crop demand news comes a day after export inspections beat expectations at 2.203 million metric …
Livestock Report
Walsh Trading Daily Insights Commentary April Lean Hogs opened lower, up-ticked to the session high at 90.90 and then broke down to the session low at 89.625. It rebounded and settled at 90.55. Settlement was above support at 90.40. If price can hold settlement, a test of March 11 high at 91.70 is possible. Resistance then comes in at 92.375. …
Soy Market Commentary
The soy today came under heavy pressure. The weakness was led by the meal market. The USDA report did not reduce the domestic carry. In addition, the global carry increased a bit. The Chinese ASF is getting worse by many accounts. The bean sales have been terrific for the past 5-6 months. This however is most likely coming to an end …
Livestock Report
Walsh Trading Daily Insights Commentary April Lean Hogs opened lower, worked its way to the session low at 87.85 and then rallied the rest of the session to the high at 88.925. It settled at 88.775. Settlement was above resistance at 88.325. If price can hold settlement, a test of trendline resistance at 89.70 is possible. Resistance then comes in …
Grain Spreads: KC/Chicago Wheat
Commentary: After a few years of Chicago wheat trading to what insiders called “an abnormal premium” to the higher protein KC, the wheat spread started to correct to more of a normal relationship favoring the higher protein KC. Hard Red winter began to gain vs Chicago early last August when corn and beans also put in their lows and started …
Soy Market Commentary
The WASDE report today did very little to change the structure of the market. In essence all the numbers were left the same. The global carry grew a nominal amount. There are a couple takeaways to consider in my opinion. First the Brazilian crop was raised 1 mmt. Second, the Argentinian crop was lowered. However, the plan for Argentina going …
Livestock Report
Walsh Trading Daily Insights Commentary April Lean Hogs opened lower, made the session low at 87.375 and then rallied to the session high at 88.85. It consolidated near the high the rest of the session and settled at 88.35. The rally took price past resistance at 88.325 with settlement above resistance. If price can hold settlement, a test of trendline …