CORN The corn market worked higher all day. The impetus today was the Russian suspension of its participation in the UN brokered export agreement with Ukraine. This situation may well be fluid and could change at any minute. However, at present this is a friendly input. In addition, parts of Argentina remain to dry. This is pause for planting concerns …
Economic Commentary
EQUITIES The equities are pausing after the recent strength. The market marked a near term low and has performed well over the last couple of weeks. This may prove to be a rally in a macro bear market that is presenting an opportunity. There are numerous releases and political influences on the way. The Fed will continue their interest rate …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs saw some pressure after the opening trade took price to the high at 86.825. Price broke down hard after the open, drifted and took another turn down at the end of the day to the low at 84.425. It settled at 84.925. The pressure came as traders see a continuing weakening cash …
Cattle Commentary
Cattle markets across the board were down today, some more than other but down nonetheless. Dec cattle finished .525 lower and settling at 152.475. The market is still in overbought territory and I’ve been hearing that the cash market is starting to add support to futures as I’ve heard possible cash bids in the 160 range. While the cash bids …
Grain Spreads: Corn Strangle
Commentary December corn extended the sideways trade it’s been mired in that has persisted for about six weeks. This could continue into early next month ahead of USDA’s Nov. 9 Crop Production Report. Harvest pressure is dissipating even though progress, which had been running ahead of the five-year average. Still, the unsettled status of the Ukraine export deal continues to …
Livestock Report
Walsh Trading Daily Insights January Feeder Cattle gap opened lower and made the session low at 179.225. The low is just above support at the rising 100-DMA at 179.05. Bulls came in and bought futures, driving them higher the rest of the session to the high at 181.50. It settled nearby at 181.25. The bearish patterns didn’t stop the bullish …
Grain Spreads: Wheat Drama
Commentary Wheat traded slightly higher as drama continues in the Black Sea. The latest news tidbit that came out last night’s session was that ship traffic has been temporarily halted in Ukraine’s Black Sea corridor as a suspicious mine-like object is inspected. The object was reported on Tuesday, and two boats set out to investigate on Wednesday morning. The Black …
Hog Commentary
Hog markets continued to climb higher today only by a slight margin as the Feb contract settled up .325 at 91 by the close. The market is still showing technical indicators of being overbought, and with a likely increase in the slaughter numbers coming out this week, I believe the market is looking to correct itself to the downside in …
Livestock Report
Walsh Trading Daily Insights January Feeder Cattle broke down hard on Tuesday, taking out Monday’s low and erasing most of Friday’s gains in the process. Today’s trade created two potential bearish technical patterns. The high on Tuesday matched Monday’s high at 182.375. This is potentially a Tweezer Top formation. We also had a potential Bearish Engulfing candle as Tuesday’s open …
Grain Spreads: Bean Uncertainty
Commentary Corn and Beans remain rangebound. Perhaps that will be the case into the November crop report. The last two monthly reports showed a small crop getting smaller highlighted by October’s sub 50.0 BPA yield in soybeans. That said the reaction in prices has been modest best. Market refrained from moving over 14.15 in spot beans but reluctant to take …