Walsh Trading Daily Insights Commentary July Lean Hogs broke out to a another new high and settlement on Monday, reaching 123.60 and settling at 122.10. The low was 121.00. The high was just below resistance at 124.00 and it was up the limit at the high. Sellers took over and pressed Hogs lower and it formed a shooting star candlestick. …
Grain Spreads: Old Crop/New Crop
Commentary Front month contracts bore the brunt of the selling today as July corn, beans, soymeal and soybean oil were the big losers versus new crop contracts. Funds in my view for now are unwinding long old crop contracts and buying new crop contracts amid heat and dryness in the Western grain belt. We have a USDA WASDE report on …
Market Commentary
AG The overall feeling in the market is concern over weather. This has fueled a rally to close out the week. BEANS – The bean market was very strong today. The continued leader is the bean oil with oil share surging above 47%. The meal rallied a bit late, attempting to do a little late day keep up. The concern …
Livestock Report
Walsh Trading Daily Insights Commentary July Lean Hogs broke out to a new high and settlement on Friday, reaching 121.45 and settling above the 119.90 resistance level at 120.60. The session low was above the rising 8 DMA (118.45) at 118.50. The breakout to the new high puts’ resistance at 122.275 in traders’ crosshairs, in my opinion. A breakout above …
Market Commentary
AG The markets were higher early, as the morning progressed the markets liquidated in general. BEANS – The soy was actually led lower by the bean oil. The fundamentals remain supportive at present. However, the oilshare has had a very significant move of late with the market above 46 % at present. It has been my contention that the oil …
Livestock report
Walsh Trading Daily Insights Commentary July Lean Hogs broke out to a new high on Tuesday reaching 120.40 and then matched it on Wednesday before breaking down to support at 117.20, making the low at the support level. Today’s price action saw consolidation within Wednesday’s trading range, making the high in the upper middle of the range at 119.15. Settlement …