Cattle markets were quiet to begin the session today before rallying right before the close with the April contract finishing 75 cents higher today at 161.30. Tomorrow’s session could pullback somewhat but I am of the opinion that the market continues to trend higher here in the near term. Depending on what the cash market does, I believe that April …
Livestock Report
Walsh Trading Daily Insights Commentary April Lean Hogs consolidated within Friday’s trading range forming an inside candlestick. It basically traded both sides of the key level at 85.325 with the high at 86.525 and the low at 84.625 and settlement just above it at 85.45. In my opinion, bulls want to buy this and take it higher but get frustrated …
Pure Hedge
In my opinion the cattle on feed report was a bullish report with On Feed 3% lower, Placements 8% lower, and Marketings 6% lower but slow demand from the packers this week caused a sharp drop in futures market prices with Live cattle having a high of 158.82 in the February contract 10 sessions ago, to a closing price yesterday …
Grain Spreads: Pressure
Commentary Soybean futures have pulled back on a weakening meal contract in my opinion over the last few sessions. Both tied to the Argentina weather shift to cooler and wetter in my opinion. Soybeans posted sharp losses today before recovering on the close while spot soybean meal has dropped over 30 handles in the last four sessions. It is my …
Cattle Commentary
Cattle markets rallied today, following through off of a positive price action Friday along with the bullish Cattle on Feed report which showed On Feed down 3%, Placed down 8% and Marketings down 6%. Cash trades, in my opinion, will give the market it’s direction this week especially if there are cash reports with solid volume behind it. The noon …
Livestock Report
Walsh Trading Daily Insights Commentary March Feeder Cattle continued to press lower on Thursday, trading to another new low at 179.175 for the current down move. Price continues to get pressured even with corn continuing its retracement of its recent rally as weakness in the Feeder cash market is pressuring futures. The was at 181.375 and occurred in the first …
Livestock Report
Walsh Trading Daily Insights Commentary March Feeder Cattle broke down to a new low early in the trading session, getting down to 180.875 and then racing higher to the session high at 182.525. This wasn’t sustained and the market pulled back and revisited the 100-DMA now at 181.20 before a bounce led to a settlement at 181.725. Corn’s early strength …
Grain Spreads: Bean Counting
Commentary The WASDE momentum, US acreage buy-in, and Argentina’s weather issues lifted soybean futures to their highest levels since June on the weekly continuous chart in my opinion. Despite a weaker crush number yesterday, we saw funds buy the dip and rally beans and meal into the close and overnight session. The US crush number from NOPA fell 5.4 …
Hog Commentary
Hog markets were very volatile today with the April contract seeing immediate pressure in the morning as the contract sold off nearly $2 dollars. Mid-session the market rallied back up to only a 55-cent loss only to sharply sell off and settle at 86.20, down 1.925 on the day. The CME hog index today continued to slide as Tuesday’s preliminary …
Livestock Report
Walsh Trading Daily Insights Commentary March Feeder Cattle took one to the chin on Tuesday as Fat cattle broke down and corn reversed overnight declines to rally during the US Day session. The break down in Feeders took price to a new low for the current down move at 181.15, which is just below support at the 100-DMA now at …