Hog prices closed moderately higher today with the prices settling at 90.675, which is up only .225. The market is technically overbought and we could see some corrective selling in the coming weeks, in my opinion. Pork production was finally up for the first time in nine months of 2022 by 5.9% (41.5 million tonnes). The Feb hog contract only …
Livestock Report
Walsh Trading Daily Insights January Feeder Cattle broke out to a new high for the recent up move. It broke out above resistance at 180.80 and made the session high at 182.375. The high was just shy of resistance at 172.70. Settlement was at 181.95, with the low coming in at 180.925. Weaker corn and a strong Live Cattle futures …
Grain Spreads: Bean Demand
Commentary Chinese purchases propelled the biggest weekly U.S. soybean export sales figure (2.336 MMT) in a year, but the market still turned in a somewhat tepid performance for the week, as November futures posted a modest gain near 10 cents. The bean market has become rangebound teetering just above and below 14.00 In my view it reflects outlooks for record …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs continued its rally on Wednesday, trading to a new high for the up move at 87.50. The high is just short of resistance at the declining 50-DMA now at 87.75 and above the 87.10 resistance level. Settlement was at 87.375 and was above the 87.10 resistance level. It faces formidable resistance however, …
Grain Spreads: Corn Demand
Commentary Soybean and corn harvest is moving along rapidly in most areas. Some areas are better than they thought; some worse. But that always seems to be the case. For the amount of rain received in some areas, overall, the corn crop is better than expected in my opinion. As harvest advances the unknown production estimates become a known in …
Cattle Commentary
Cattle markets up again today as the December live contract finished higher for the third straight session, settling at 151.350, up $1.575. Cash trades, in my opinion, seem to be driving this rally higher as there were reports of $150 traded in the Iowa/Minnesota area. December cattle closed slightly higher on the session yesterday and that buying had pushed the …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs continued to fly high on Tuesday, rallying through the gap from the September 23rd high at 85.25 to the September 22nd low at 85.375 to a new high for the up move at 86.75. The high is just short of resistance at 87.10 and settlement at 86.475 is the highest since September …
Grain Spreads: Wheat Dilemma
Commentary Wheat markets settled well off their lows even though values traded lower much of the day session, but values did poise a nice recovery settling well off the lows with Minneapolis wheat finishing higher. The reason for the weakness seemed to be mostly positive talk surrounding the continuation of the grain corridor deal with no contradictions being reported from …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs ended the week with a strong upside move, continuing its resurgence after making its low back on October 4th. Friday’s surge took price past resistance at 81.70 to a new high for this up move at 82.60. It settled near the high at 82.25. The low was at 80.60. The October contract …
Cattle Commentary–10-14
Cattle markets traded lower today with February live cattle down .600 settling at 151.100 and November feeder cattle settling 1.325 lower at 174.775. According to the USDA actual dressed cattle weights for the week ending October 1 came in at 831 pounds which was up from 829 from the previous week and unchanged from 831 a year ago. The 5-year …