COMMENTARY: SOY BEANS – The beans reacted in a sharp way. The WASDE report confirmed more beans domestically at 340 million bushels. They are stair stepping towards what I think will be close to 400 million bu. Apparently the trade thought the world numbers were surprising at 103.78 million tons. Yes that’s right. Please look at where we were the …
Grain Spreads: WASDE Surprise
The USDA posted a surprise soybean yield decline in this morning’s November supply and demand report, down 0.3 bushels per acre to 51.2 bushels per acre. The trade was looking for a similarly-sized yield gain this month. Overall soybean carryout still rose by 20 million bushels month-over-month, to 340 million bushels with the USDA citing decreased exports. Today’s soybean trade …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs suffered its third day in a row of loss, erasing the gap open rally on the euphoria over Chinese participation in our export sales report. Traders expect that participation to be a one-off type of deal and took price back to the area it was before the report. Tuesday’s decline took price …
Soy Market Commentary
COMMENTARY: SOY BEANS – The beans continue under pressure. The USDA will release a report tomorrow. The supply side is expected to increase 50 million bushels. I will not be surprised to see a 70-90 million bu increase. This will put the carry close to 400 million bu as we enter the new year, if realized. I say if, as …
Weekly Bitcoin Futures Commentary
Micro Bitcoin futures (MBTX21) closed last week at 61380 and traded a weekly range trading between 59,680 to 64,665. Micro futures could still potentially make an eventual move to $75,000 or higher in my opinion. There is interesting talk in the sector of the US senate asking the SEC to allow ETFs base on spot Bitcoin(BTC) coupled with ETFs on …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs pulled back from Thursday’s gains as the euphoria over the surprise large China purchase of US pork waned. Thursday saw a gap open higher to a new recent high and the Friday price action couldn’t even challenge the Thursday high as it opened lower and traded down all session. The high came …
Soy & Corn Market Commentary
COMMENTARY: SOY BEANS – The beans again were under pressure. The reasons remain the same. The export picture is questionable with the Brazilian prices cheaper and offered earlier than typical. This has the US window in a bit of potential jeopardy. In addition the weather has been beneficial to the planted acres in the southern hemisphere. This is leading to …
Grain Spreads: Corn
Commentary Corn futures finished their first weekly decline in three weeks in a continued corrective pullback from the sharp gains to start the week. USDA’s next Crop Production Report Nov. 9th is expected to show a small increase to the projected U.S. crop and average yield. Corn production is expected to total 15.05 billion bushels per Reuters which is up …
Soy & Corn Market Commentary
COMMENTARY: SOY BEANS – The beans broke sharply today. The recent low of 12.05 may be the next target (march contract). While the sales this week are improved. The bigger reality is the overall exports are down. The weather in South America is improved and ample for a bit of time here. In addition the availability of Brazilian beans is …
Grain Spreads: Bean Counting
Commentary It is my belief funds hit the sell button across the Board today with many sectors finishing in the red. Perhaps it was profit taking or simply liquidation ahead of the Federal Reserve’s two day meeting and policy announcement released this afternoon. In my view soybeans and soy oil followed the grain and crude oil markets lower, with Crude …