GENERAL The EU it appears is suspending imports from Russia related to CRUDE. The Crude market rallied close to 120 p barrel. The market has since backed off and is 1 per barrel higher. The reality of the global market is that the normal flows are off. This is supportive of crude. In addition the speculative side of the market will …
Grain Spreads: July 2022 Soybeans
Commentary In my opinion, should beans continue their ascent, we could see them touch near $18.00 per the chart attached. It is my belief they could trade a lot higher than 18.00, but I’m not sure anybody knows what we are seeing here. However, if July soybeans trades back underneath $17.00, we could see a deeper correction. The rally higher …
Grain Spreads: July22/Nov22 Soybeans
Commentary July 22 soybeans have taken a small breather from the low 17.00 level seen last week. This comes as corn and wheat have been pressured on rumors of wheat emerging all of a sudden from Eastern Europe, while China has agreed with Brazil to source more corn moving forward. I included a chart of July 22/Nov 22 beans here. …
Market Commentary
The Crude market continues to climb. This is driven by the administration policy regarding energy. The perception has changed. The average price of Gas in all 50 states is above $4.00 per gallon. This is a first time ever moment. Diesel prices are at all time highs. The stock market continues to exhibit weakness. Look for more of this given …
Soybean Market Commentary
SOY The beans are charging ahead over the last few sessions. The thoughts are the clearing weather in the Midwest will not add more bean acres. This may or may not be true. The recent Chinese purchases are also a supportive factor. The market is hoping for and anticipating more. Also helping beans is the recent strength in meal. Moving …
Grain Spreads: Wheat Pullback
Commentary The wheat market settled sharply lower today as risk-off was seen across the global financial markets today with the weakness in equities setting the tone. Ever bigger Russian wheat crop estimates, wetter Southern Plains forecasts, and a realization the Indian wheat ban its as originally proffered. Sovecon raised the Russian wheat crop estimate for 22/23 to 88.6 million metric …
Livestock Report
Walsh Trading Daily Insights Commentary June Lean Hogs opened higher, traded down to the session low at 102.60 and then rallied the rest of the session to the high at 105.45. It settled at 105.15. The rally took price past resistance at 104.35 and settlement was comfortably above it also. This is a positive for the June Hogs and puts …
Livestock Report
Walsh Trading Daily Insights Commentary June Lean Hogs opened higher and traded down to the session low at 97.475. The market turned and traded higher, making an early high at 100.575. This was just above resistance at 100.075 and below the Thursday high at 100.85. The inability to take out that high led to a pullback and then consolidation. Price …
Grain Spreads: Wheat Potential
Commentary Yesterday’s release from USDA had the initial winter wheat crop estimate of 1.174 billion bushels. If realized it would come in at 103 million bushels below last year and 65 million bushels below pre-report expectations. Per USDA, the hard red winter wheat crop is estimated at 590 million bushels, down 159 million bu. from last year and 95 million …
Wheat pops on crop report while Meats still struggle
June cattle closed below the 132-price level for the first time since late October/early November. Monday’s price action seemed to show strong support above the 132-price level, as it hit a low down to 131.025 but rebounded and closed at 133.55. Wednesday it looked to me like the market wanted to retest the 136 highs or possibly even fill the …