PURE HEDGE CATTLE In my opinion, the medium to short term outlook on the cattle market looks to be neutral to bullish. The cattle market in the near term is facing supply concerns for the 1st quarter and are making traders take long positions in the market, in my opinion. In order to take full advantage of price discovery, we …
Grain Spreads: King Corn
Commentary The Corn market’s sideways trade since mid-September may persist for a little while longer, with USDA’s Nov. 9 reports looming as the next price influencer in my opinion. Demand fundamentals have grown shakier, with the strong U.S. dollar, exports lagging, and Brazil corn exporters winning Chinese customs approval. In my view it could eat into U.S. demand. Export sales …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs gap opened at the high of the day, testing the 21-DMA at 84.325 as it made the high at 84.175. It didn’t like what it saw and turned south and headed to the session low at 82.825. This is a new low for the recent down move and it is just below …
Cattle Commentary
Cattle markets were down slightly today with the December fat cattle contract the only contract finishing positive on the day, up 55 cents settling at 151.950. Cash seems to be the supporting factor in the market right now but so far this week, I haven’t seen limited volume on the cash end. The prices I have seen have been around …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs gap opened lower, closed the gap as it made the session high at 84.85 and then stair stepped lower the rest of the session to the low at 83.25. It settled just above the low at 83.30. The low and settlement was below the 83.325 support level. Traders continue to worry about …
Cattle Commentary
December cattle finished lower by 50 cents today, settling at 151.40. Technical indicators read that there should be more corrective selling in order as the market still remains in overbought conditions. Right now, the market is trading near the 32% retracement level at 151.22, in my opinion, the market could consolidate and trade sideways before rallying again to new highs. …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs consolidated within Monday’s trading range, forming an inside candlestick. It made the low on the open at 84.65 and rallied to the high at 85.85, which tested the declining 50-DMA now at 85.85. Unable to move past resistance, futures tested the low again by late morning. It settled at 85.20. A dull …
Grain Spreads
Commentary Follow through buying was seen in the Chicago wheat today and to a lesser extent Corn. Chicago wheat has rallied 80 cents in two days and the rally comes on two fronts. First, a potential tightening of global exportable surplus wheat on the World market helped drive prices higher yesterday as Russia announced over the weekend that they have …