SOYBEAN HEDGE OPPORTUNITIESPRODUCERS MONTH STRIKE PRICE PREMIUM COST NOV ‘22 1300 4.625 $231.25 1280 3.375 $168.75 1260 2.500 $125 JAN ’23 1160 3.375 $168.75 MAR ’23 1100 4.125 $206.25 JUL ’23 1000 4 $200 END USERS MONTH STRIKE PRICE PREMIUM COST NOV ’22 1660 1.750 $87.50 1700 1.250 $62.50 1760 .625 $31.25 JAN ’23 1800 3.875 $193.75 MAR …
Grain Spreads: Wheat/Corn
Commentary It is my belief that winter wheat futures overnight hit the highest levels in 2 1/2 months on concerns an intensifying Russia-Ukraine war will disrupt grain shipments from the Black Sea region. Prices turned lower early in daytime trade but have firmed again, though they are well off their overnight highs. In my view Ukraine’s exports through its Southern export …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs continued its attempt to break free of the 88.325 resistance level, trading to the high at 89.075 and once again failing to hold above resistance. It settled below it at 88.175 with the session low at 87.40. The cash market is trying to right itself as the cutout and cash index has …
Pure Hedge Cattle 9-16
PURE HEDGE CATTLE In my opinion, the medium to short term outlook on the cattle market looks to be bearish. In review of the daily charts, December fat cattle had a runup to 152 and the attempt to retest the April high failed. Feeder Cattle futures has lost about $3 from the opening on Monday to the close on Friday …
Pure Hedge- Grains 9/16
SOYBEAN HEDGE OPPORTUNITIESPRODUCERS MONTH STRIKE PRICE PREMIUM COST NOV ‘22 1300 4.875 $243.75 1280 3.625 $181.25 1260 3.00 $150 JAN ’23 1160 3.875 $193.75 MAR ’23 1100 4.125 $206.25 JUL ’23 1000 6 $300 END USERS MONTH STRIKE PRICE PREMIUM COST NOV ’22 1660 3.375 $168.75 1700 2.500 $125 1760 1.375 $68.75 JAN ’23 1800 5.500 $275 MAR …
Grain Spreads: Wheat Possibilities
Commentary Mondays WASDE report had USDA leaving its 2022-23 ending stocks forecast at 610 million bushels and made no changes to the supply or demand sides of the balance sheet. USDA 2022-23 farm price was at $9.00, down 25¢ from August. Global wheat carryover: 275.7 million metric tons for 2021-22, down 680,000 MT from last month; 268.6 million metric tons …
Livestock Report
Walsh Trading Daily Insights Commentary October Lean Hogs surged on Tuesday, opening strong and rallying all session to the high at 96.075. The low came early at 92.00 and settlement was near the high at 95.75. The rally took price past resistance at 95.30 and with settlement above it, resistance at 97.30 is now within traders’ crosshairs. Futures are now …
Grain Spreads: Bean Counting
Commentary Beans saw a bullish reaction as USDA cut the yield by 1.4 bushels to 50.5 bushels per acre, below the lowest of the trade estimates. It also cut 600K off soybean harvested acres. This cut production by 153 million bushels. Therefore, Soybean ending stocks fall to 200 million bushels, or a 16.5-day supply. That doesn’t leave any room for …
Livestock Report
Walsh Trading Daily Insights Commentary October Lean Hogs continue to be stymied by the 93.50 resistance level, making the high just below it at 93.25 and breaking down to the session low at 91.375. It drifted and settled at 91.875. Cash continues to be pressured and traders are expecting cash to remain weak in the near term, in my opinion. …
Grain Spreads: Wheat Potential
Commentary Wheat rallied over 30 cents in all classes today posting a third weekly gain in the face of bearish elements in my view. These include the dollar’s rally to 20-year highs amid advancing harvest progress for the Spring wheat crop in North America. That said it potentially suggests Chicago wheat has established a near-term bottom and may work higher. …