Walsh Trading Daily Insights Commentary June Lean Hogs gap opened lower and crashed. Tuesday’s trade was volatile to say the least as price nearly went limit down in a move that tested support at 122.275. The low was just under support at 121.90 and buying came in at support. It took price past the key level at 125.50 to the …
Grain Spreads: Bean Counting
Commentary In my opinion funds are actively selling soy complex futures amid pressure from sharp losses in the crude oil market and the commodity sector as a whole. The outside market pressure is overshadowing preparations for Thursday’s Prospective Plantings Report, which is expected to show soybean seedings of 88.7 million acres, per Reuters. That would be up from 87.2 million acres …
Soy Market Commentary
COMMENTARY: The beans have broken approx one dollar per bushel over the last week. This is fueled by the retreat in the energy prices. Also, the talks in Ukraine regarding a settlement with Russia. There may be larger thoughts at play here as well. First, the Chinese demand is declining. This is supported by recent sales numbers. Second, the global …
Livestock Report
Walsh Trading Daily Insights Commentary June Lean Hogs opened unchanged and broke down to the session low at 125.025. Price rebounded and traded to a new high for the up move, reaching 126.875. The rally wasn’t sustained and it pulled back to settle in the middle of the range at 126.05. It formed a spinning top candlestick indicating indecision at …
Grain Spreads: Strength in Numbers
Commentary Nearby soybeans rose for the third consecutive day behind strong demand and strength in global vegetable oil markets in my opinion. Malaysian palm oil futures rose for a third straight session, while crude oil futures are up more than $5.00 a barrel. Egypt’s state grains buyer bought 80,000 MT of soy oil, paying 14% more per MT than it …
Livestock Report
Walsh Trading Daily Insights Commentary June Lean Hogs opened higher and broke down to the session low at 118.175. This was a 61.8% retracement of Monday’s big rally. Bulls took over and price grinded higher the rest of the session, making the high at the end of the day at 120.225. It settled nearby at 120.075. The rally took price …
Livestock Report
Walsh Trading Daily Insights Commentary June Lean Hogs surged from the opening bell. It made the low at 116.325 and making the high at 120.825, briefly going limit up and then dipping to settle at 119.825. The surprising limit up move took price past resistance at 119.90 with settlement just underneath it. Today at least, traders looked at the positive …
Grain Spreads: Clock Is Ticking
Commentary Grain bulls controlled the overnight trade in the grain and soy complex amid global supply concerns as Russia’s invasion of Ukraine is showing no signs of letting up or ending anytime soon in my opinion. Russia’s war in Ukraine has sparked a fresh wave of hoarding in parts of Europe with panic buying surfacing caused in part by shortages …
Wheat Market Commentary
Good morning wheat is trading down 15 cents which is 15 cents off of our lows overnight. Once again the market is looking to the situation in Ukraine for market direction. The U.S. dollar is down sharply this morning also putting pressure on the market. Countries continue to call for a ceasefire in the conflict but nothing has come to …
Livestock Report
Walsh Trading Daily Insights Commentary April Lean Hogs continued trading within its consolidation band. April Hogs have consolidated between 103.575 and 99.825 since making the low at 98.475 on March 7. Price is still reacting to the head and shoulders top formation which was activated on March 4th on the trendline breakdown. The price objective for this pattern is down …