Commentary Corn, soybean and wheat futures held in tight trading ranges while swinging to both side of unchanged during the day session. However, by the close, corn futures lost 4 cents, soybeans were 7 cents lower while wheat futures were 7 cents lower. Front-month crude oil futures are around $1 higher, and the U.S. dollar index is more than 62.0 …
Hog Commentary
Lean hog futures may face pressure from an ongoing seasonal erosion in cash fundamentals The CME lean hog index is down 80 cents to $86.97 (as of Nov. 18), the lowest since Feb. 7. Rising slaughter and pork production are pressuring wholesale pork. Pork cutout values fell $1.45 Monday to $91.99 as weakness in six of seven primal cuts sent …
Livestock Report
Walsh Trading Daily Insights Commentary January Feeder Cattle gap opened higher, making the low at the open (181.50) and then streaking to the session high at 183.075 all in the opening 10 minutes of trade. It spent the rest of the session consolidating in the upper end of the trading range. It settled at 182.625. The gap is from the …
Hog Commentary
Hog markets were relatively quiet today with the December contract finishing lower by 42.5 cents and the February contract up 60 cents. There is a seasonal decline right now in the cash market which is weighing down at least the front December month contract, in my opinion. As of Nov. 17th close, the CME Lean Hog index closed 37 cents …
Grain Spreads: KC Wheat
Commentary The major news this week and what the Trade was watching in my view was the deal allowing Ukrainian grain exports from Black Sea ports was extended for 120 days from Nov. 19 without any changes. United Nations officials told Russia they were “fully committed to removing remaining obstacles to exporting food and fertilizers” from the country, though there …
Cattle Commentary
Cattle markets were higher again today before the Cattle on Feed report came out at 2pm central. In my opinion, cattle markets may be putting in a top in the market as volume continues to decline in the February contract with inverse price action. I suspect that market will again trade higher Monday based off of the bullish report today …
Pure Hedge– Cattle
In my opinion, the outlook for the cattle market has put in a near term high, today’s cattle on feed report showed a bullish report but came in line with expectations. Cash market trades have seem to stabilize a little giving support to the market as well but has been on light volume overall. In order to take full advantage …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs continued its lack luster trading. The Wednesday range couldn’t even make it out of the Tuesday range, forming an inside candlestick. The high was at 86.175 and the low was at 84.80. It settled higher at 85.575. Price remains trapped between the flattening 21-DMA now at 85.825 and the declining 50-DMA now …
Grain Spreads: Wheat Potential
Commentary Chicago wheat rose 9 3/4 cents to $8.28 1/4, the contract’s highest close since Nov. 7. KC wheat rose 6 3/4 cents to $9.63, the highest since Nov. 1. Minneapolis wheat rose 11 cents to $9.74. Wheat recovered from earlier declines after reports of Russian missiles striking Poland stoked renewed concern over disruption to global grain supplies in my …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs continued its lack luster trading. It was however, able to trade above Monday’s high, making the Tuesday high at 86.575 and a higher low at 84.60. It also settled higher at 85.325. This is right at the key level of the same price. The low tested support at the declining 50DMA now …