SOY The sheer size of the market at present. Specifically what I mean as size. The value of the contract. The beans are worth in the nearby 75,000.00 dollars. This will continue to give big volatile moves. The risk is elevated accordingly. Take caution. Having said that, the beans rallied today as they were due a bounce after the recent …
Livestock Report
Walsh Trading Daily Insights Commentary October Lean Hogs followed through to the downside in the early going, trading to its lowest level in the past 9 sessions at 95.575. This is just above support at 95.30 and buyers came back in to the market taking price higher. It rallied the rest of the session and made the high at 98.45, …
Grain Spreads: KC Wheat Idea
Commentary There were three news items that affected the balance sheet overnight and into morning that influenced wheat in my view. First, Wheat prices came under pressure todayon chatter in the cash market that Iraq cancelled its tender due to high prices. This comes as prices largely remain within the range of the past month to this point. Second, India raised …
Soy Market Commentary
SOY The market has been under pressure the last two sessions. The USDA report was bearish. A bit bearish looking at the domestic numbers. The global numbers were the second largest on record with a very ample stocks to usage ratio. In addition, although the crop conditions declined again nominally. The weather has turned beneficial at a key time. The …
Livestock Report
Walsh Trading Daily Insights Commentary October Lean Hogs made a weak attempt to rally on the open. It stalled with the high made at 101.175. Hogs broke down and traded lower, picking up steam as the day progressed, nearly going down limit and making the low at 96.30. Settlement was near the low at 96.575. Traders resumed their fears that …
Grain Spreads: Bean Counting
Commentary Soybeans fell to the lowest levels in over a week on an outlook for mostly favorable weather across the Midwest. Further pressure seen today maybe stemming from weakness in crude oil, which is trading near six-month lows. USDA late Monday reported 58% of the soybean crop in “good” to “excellent” condition, down from 59% a week ago and in-line …
Livestock Report
Walsh Trading Daily Insights Commentary October Lean Hogs broke down early in the trading session, testing support at 98.475 as the low was just above it at 98.625. The market recovered and rallied the rest of the session to the high at 100.825. This took out resistance at 100.075, as it also settled above it at 100.575. Cutout prices ended …
Pure Hedge– Cattle
In my opinion, the medium to long term outlook for the cattle market is still bullish. In review of the daily charts, I would suggest this recent move upward, caused by a lack of production into the 4th and 1st quarter. December Live cattle futures rallied this week making puts on all contracts cheaper for downside risk. Feeder cattle back …
Grain Spreads: Corn Counting
Commentary New-crop Corn acreage down slightly with yields down 1.6 bushels per acre 10 175.4 versus the average trade guess at 176. The lower yield pushed production by almost 150 million bushels from July. New-crop feed use and exports both cut by 25 million bushels. Overall ending stocks for 2022/23 Corn down 82 million bushels from last month coming in …
Livestock Report
Walsh Trading Daily Insights Commentary October Lean Hogs broke out to a new high for the recent up move on Wednesday, trading up to 101.00, while making the low at 99.80. It settled near the high at 100.85. It was another breakout session for the hogs after consolidating within Monday’s trading range on Tuesday. This time pulling away from the …