Commentary Wheat futures extended yesterday’s gains amid ongoing concern the Russia/Ukraine war will force global buyers to seek other grain suppliers. Russia yesterday enacted a planned suspension of grain exports to ex-Soviet countries. Supply concerns have been compounded by worsening drought in the U.S. Plains. More than half of Kansas was classified in severe drought or worse as of March …
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 …
Wheat Market Commentary
Wheat was trading near its lows early in the morning under pressure of the potential for easing of the war. However soon after the resumption May Wheat was trading over 40 cents higher. A couple of factors can help us understand why. I am still seeing a very poor crop situation in China. Couple that with extreme dryness in the …
Livestock Report
Walsh Trading Daily Insights Commentary April Lean Hogs staged a strong rally on Friday, holding support at 100.075 and rallying to the session high at 103.10. Settlement was at 102.725. All the rally did however, was take price back to the highs of the consolidation band it is trading in. April Hogs have consolidated between 103.575 and 99.825 since making …
Corn Market Commentary
The Corn market turned from higher to lower in the trade today with hopes that there would be some sort of resolution down the line between Russia and Ukraine. There was definitely less volatility in the Corn market today than I have seen over the last couple of weeks. There was also an increase in open interest yesterday after seeing …
Soy Market Commentary
COMMENTARY: The markets rebounded today led by beans and meal. The vegoil lost share today. I’m not consumed with the flat price direction today or tomorrow. The market will be volatile. Each day I see predictions. KEY REVERSAL, TOP, ETC. I am not being critical in any way at present. A technicians job is to tell the market what is happening daily. …
Soy Market Commentary
COMMENTARY: The USDA report was released today. The were no new surprises. The bull was not however fed today. I have a couple minor thoughts related to today. The domestic carry at 285 is supportive. However, the south american crop is probably fairly well estimated and given the recent rains the decline in production has halted. The point is that …
How long will Corn Rally?
As I sit in the midst of quite a healthy Corn rally I do still look at either signs for a potential slowdown or a reversal. In what I view mainly a war time rally in Corn I look for fundamental reasons for support as well. Most traders/analyst believe there will be a decrease in world numbers and an increase …
Wheat’s wartime rally.
It probably does not need to be pointed out that Wheat has been the most effected commodity by the war in Ukraine. With that said, there will continue to be wide swings in the Wheat market with every bit of information I receive. With it being almost certain that I would not see a wheat crop planted this coming year …
Soy Market Commentary
COMMENTARY: The bean market corrected today. The trend has been up in a very large protracted way. The weather in the southern hemisphere has been the key driving force. The market took a breather today due to the USDA report tomorrow, in my opinion. The two week weather outlook appears to remain hot and dry in critical areas. The reality …