Walsh Trading Daily Insights Commentary February Lean Hogs opened at the low of the session at 83.85 and rallied to the high by late morning at 86.00. Some consolidation afterwards and a pullback at the end of the day led to a disappointing settlement at 84.575. The rally took price past the 85.325 resistance level but it couldn’t challenge resistance …
Grain Spreads: Early Rally/Late Fade
Commentary Slower news day in the corn market after it started the day stronger with a March 23 Corn posting a high on the day at $6.60/bushel. However, Corn fell negative by the close to lose a half penny to 653.4. Beans took back just about all of the prior day losses, rallying almost 20 cents to finish the day …
Livestock Report
Walsh Trading Daily Insights Commentary February Lean Hogs opened higher, made the session high at 84.175 and broke down to the session low at 82.80, all in the first fifteen minutes of trade. That’s it! It consolidated within the opening 15 minutes the rest of the session and settled lower on the day at 83.70. Ho hum…. A confused market …
Livestock Report
Walsh Trading Daily Insights Commentary January Feeder Cattle made a new high for the recent up move, trading through resistance at 184.375 to the high at 184.90. The enthusiasm didn’t last long and price pulled back, settling at 183.925. The low came in at 182.85. The low is just above support at 182.70. If settlement fails, we could re-test support …
Grain Spreads: March 23 Corn
Commentary WASDE Report-US corn ending stocks for 2022/23 came in at 1.257 billion bushels versus an average trade expectation of 1.238 billion. This was up from 1.182 billion in the November report. US Corn exports were revised down by 75 million bushels, but this was in line with trade expectations given the very slow pace so far this season. In …
Livestock Report
Walsh Trading Daily Insights Commentary January Feeder Cattle consolidated within Tuesday’s trading range, forming an inside candlestick on Wednesday. It made the high early in the session at 182.25 and soon after the low at 180.75. The low was right on the 100-DMA at 189.75. It consolidated the rest of the session and settled near the low at 180.90. Corn …
Livestock Report
Walsh Trading Daily Insights Commentary January Feeder Cattle reversed the positive price action from Monday, opening lower and breaking down to support at the 100-DMA (180.70), making the low just below it at 180.30. It was able to bounce off the low and it settled at 181.80. The high was at 183.15. Monday’s pullback off the high, along with worries …
Grain Spreads: Meal Plan
Commentary Soybeans, which were led higher today by soymeal in my view rallied over 30 cents early this AM but finished well off the early morning highs to finish just above trendline resistance at 14.54. Strong demand news early this morning set the stage for today’s rally in my opinion. USDA reported daily soybean sales of 264,000 MT for delivery …
Livestock Report
Walsh Trading Daily Insights Commentary January Feeder Cattle made a new high for the up move, approaching resistance at 184.375 rallying to 184.20 for the Monday high. Settlement was at 183.775 and the low was at 181.95. Weakening corn is bringing feed cost relief for feeders and tightening supply forcing feedlots to be aggressive in order to ensure a fuller …
Grain Spreads: Demand Driver
Commentary The corn market broke down technically this week, falling to the lowest levels since August. Fundamentally, weak export demand is potentially telling traders lower prices are needed to encourage more sales. Given tight ending stocks forecast in 2022-23, the downside could be relatively limited but the near-term path of least resistance is lower in my opinion. Demand or lack …