Soy & Corn Market Commentary

walshtrading General Commentary, Grains

COMMENTARY: In my humble opinion today was a day of change. The corn moved into the leadership position in the AG space. The beans have been dominant. It is my thought now they are a follower. First, the corn carry was reduced. This is in line with my thoughts. The 21 carry is est 1.117 bil, the 22 carry 1.242 …

Soy Market Commentary

walshtrading General Commentary, Grains

COMMENTARY: The beans were higher overnight due to some Chinese purchases. This has been a feature for a few days now. As the day went along the market eased. Especially the Aug contract which closed sharply lower. The market will await the USDA report tomorrow. The average guesses are expecting a production decline. I remain unconvinced this will be the …

Grain spreads: Options into WASDE

Sean Lusk General Commentary

Commentary The market will get a look at the USDA Monthly WASDE report tomorrow at 11 am Central. Last month, the USDA projected corn yield at 179.5 BPA. Many analysts including prominent crop scouts and some brokerages have yield coming in between 175.5 and 177. Why might they be reducing yield In their outlooks? Well the simplest answer maybe disappointing …

Livestock Report

Ben DiCostanzo General Commentary

Walsh Trading Daily Insights Commentary October Lean Hogs was able to hold support at the 83.325 level on Wednesday, making the session low at Tuesday’s settlement price at 83.875. Short-covering took over (in my opinion) and Hogs surged, trading past resistance at 85.325 to the session high at 86.10 and settling above it at 85.85. Export Sales come out Thursday …

Soy Market Commentary

walshtrading General Commentary, Grains

COMMENTARY: The beans and oil bounced a bit today. The condition ratings last night were unchanged in the soy. This was a bit of a surprise to me. I thought with the recent rains the ratings would be up. I want to shift focus to the macro process here. It is my thought that the Chinese are slowing purchases. The …

Livestock Report

Ben DiCostanzo General Commentary

Walsh Trading Daily Insights Commentary October Lean Hogs continued its descent, breaking down to and making the low at support at 83.325. The high was at 85.20. The range was established in the first half hour of trading as the market consolidated the rest of the day and settled at 83.875. Traders are anticipating an onslaught of hog production in …

Grain Spreads:KC/Chicago Wheat

Sean Lusk General Commentary

Commentary Wheat futures have advanced this summer, due largely to drought scorching spring wheat in the Northern Plains and Southern Canadian Prairies in my opinion. Hard Red Spring  futures haven’t moved to new highs over 944.0, implying to some the bad news has been “priced in.” In my view it was surprising to see winter wheat futures take the bullish …

Soy Market Commentary

walshtrading General Commentary, Grains

COMMENTARY: The soy is mixed today with the beans and bean oil down, while meal is bouncing. The crop condition report today should show some improvement in the bean yield given the recent moisture. As discussed previously, the bean yield in my opinion can show improvement this month if rains are timely. The month is off to a fair start. …

Soy Market Commentary

walshtrading General Commentary, Grains

COMMENTARY: The markets were sideways to lower this week. The weather looks to improve here in the next week. The recent rains have also been somewhat beneficial. The weekend may prove important for prices if rains are received as predicted. The products are at an important stage in my opinion. The oil share has lost ground here and is back …

Grain Spreads: Wedge Forming

Sean Lusk General Commentary

Commentary December futures extended a sideways grind, with traders seemingly content to wait until the Aug. 12 USDA Crop Production report to make any firm decisions on the market’s next big move in my opinion. Pollination is done and Midwest weather looks mostly favorable especially East of the Mississippi. That said, the Aug. 12 report will be just one of …