Commentary December corn futures rose to two-week highs on strong spillover support from surging soybeans and wheat in my opinion. The corn market is also being driven higher by U.S. ethanol production in my view. Today new data showed ethanol production rose 21,000 barrels per day (bpd) to 1.060 million bpd during the week ended Nov. 12, the Energy Information …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs broke free from its consolidation chains and rallied to resistance at 77.80, making the high just above it at 77.825. The low was in the first 5 minutes of trade at 75.25. Settlement was at 77.725. December still has hurdles to surpass with resistance holding at 77.80, the declining 50 DMA at …
Soy Market Commentary
COMMENTARY: BEANS – The beans were a bit on the defensive today. The harvest progress is rolling along at 92%. This contributed. In addition the weather in South America is very good. There are rains forecast through the next week that will further development. It is clear the crops in Brazil look very good. The Argentinian crops are good but …
Soy & Corn Market Commentary
COMMENTARY: SOY: The bean market performed well yet again. The market was led by the meal strength. In addition sales of 265,000 mt registered. The crush pace continues at a very high rate historically as well. It is true the bean market has some good news available. I indicated early last week that I felt the meal market was due …
Weekly Bitcoin Futures Commentary
Micro Bitcoin futures (BTCX21) closed last week at 64,235 posting a small gain on the week. The week featured Micro futures hitting another all-time high at 69,360 before pulling back to close almost 5K lower from the weekly high. In my view some profit taking entered into the market the last three sessions last week. Bitcoin futures can still potentially make an eventual move to $75,000 or …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs continued its consolidation around the key level at 75.60. It made the high at 76.20 and the low at 75.125 with settlement just above it at 75.80. It formed an inside candlestick as the Monday range sat inside the Friday range. December will be losing its status as the lead contract real …
Grain Spreads: Meal Plan
Commentary Soybean Meal has been the big mover lately after trading $309.3 last month. In our view, soymeal was oversold given the rally seen in other agricultural commodities. After rallying ten percent higher for year in the Spring, the meal market lost almost 40 percent from high to low for 2021. While technically oversold, a fundamental reason potentially sent this …
Eurodollar Trade
The economic news this week hasn’t been great when it comes to inflation. Wednesday’s CPI (Consumer Price Index) Year on Year data increased 6.2%, the largest gain since 1990. Any year-to-year comparison data must be marked with an asterisk, because 2020 was such an outlier. However, the 6.2% increase is a sign that we are experiencing inflation at the highest …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs gap opened lower and broke down to the session low at 73.70. The breakdown took out the gains made after making a low on 11/2/2021 at 74.075. After making the low, traders came back in buying mode as price rallied the rest of the session, closing the opening gap and making the …
Grain Spreads: Rising Wheat
Commentary The strong bull market run in wheat futures continued today as all wheat classes were up over 20 cents. Recent price setbacks have been viewed as buying opportunities. USDA’s Supply and Demand report bolstered the bullish outlook for tightening global stockpiles. USDA cut wheat imports by 10 million bushels, while cutting exports by 15 million, while also raising seed usage …