COMMENTARY: The markets today traded both sides. This may be how we settle in for a minute. In this type of environment, the spreads can at times be the best option. The most important feature to me today was that oil share had a significant rebound. The bean oil was higher with meal lower. This is consistent with my commentary …
Soy & Corn Market Commentary
COMMENTARY: SOY: The soy complex was higher. The meal and beans led the strength today. Consequently the oil share dropped a bit to approx 47%. The July contract went off the board today, without any major fire works in general. The market is led by the weather concerns that indicate weather issues remain a potential problem. The domestic carry remains …
Livestock Report
Walsh Trading Daily Insights Commentary August Lean Hogs once again gap opened higher and rallied to the session high at 106.80. This time it failed to hold its gains as resistance at 106.85 was too difficult to overcome. Price broke down, closed the gap and traded to the session low at 104.95. The breakdown took price below the rising 100 …
Grain Spreads: New Crop Beans
Commentary Strong Palm Oil demand which translates into strong bio diesel demand in my opinion has created a bid in the bean oil market recently. Drought in Canada’s spring wheat and canola fields has brought about a rally in both those markets, although canola fell today over 20 handles. Oil seed availability is tight globally and these weather fears are …
AG Market Commentary
COMMENTARY: This is more of a general commentary today regarding the AG markets. The soy today had a reasonable move up. This at present is driven by the global veg oil strength. The July oil share will expire tomorrow at 48-50%. The Aug in my opinion will trade to 50-52%. This is fueled by the tight Canola crop in Canada. …
Livestock Report
Walsh Trading Daily Insights Commentary August Lean Hogs gap opened higher for the second day in a row, breaking out above resistance at 104.30 and rallying to the session high at 106.175. It settled at 105.925. The low was at 104.475. Pork prices and cash hog prices have shown strength so far this week and futures are reacting to the …
Soy & Corn Market Commentary
COMMENTARY: SOY – The USDA supply and demand report today held few surprises. The old crop carry was left unchanged at a tight 135 million bushels. The new crop carry was estimated at 155 million bushels. This still is a friendly carry. The question on the domestic front now is how will the remainder of the growing season progress. The …
Livestock Report
Walsh Trading Daily Insights Commentary August Lean Hogs gap opened higher and rallied to resistance at 104.30 making the session high just above it at 104.375. It settled just below resistance at 104.075. The low was at 102.10. The African swine fever disease is once again raging in China, killing large numbers of pigs in Sichuan Province in Southern China. …
Grain Spreads: Spring Wheat Ratings
Commentary The trade in my view is being a little overly optimistic about the condition of this year’s spring wheat crop. USDA sliced another four points off the amount of crop rated G/E, with just 16% of the crop now falling in the top two categories versus analysts’ expectations for a 19% G/E rating on average. That’s still above 1988 …
Soy Market Commentary
COMMENTARY: The beans and products bounced Wednesday. I have few solid ideas here today. However, I am considering some fundamentals that I believe may be relative to market activity in the near term. The Chinese bean demand has slowed in June and will again most likely in July. We can debate the reasons, but the reality is this is happening. …