Commentary Soybeans gapped higher overnight with a run back towards last Monday’s move highs; it was mostly downhill after that last week, but all the same bullish concerns remain with the Ag Forum looming later this week. Rain chances for drought ridden areas of Argentina are forecasted to be limited into month end while heat returns. Amid dry conditions in …
Livestock Report
Walsh Trading Daily Insights Commentary March Feeder Cattle continued its consolidation on Friday, trading within resistance at 187.20 and just below support at 185.625. The range was 187.125 high to 185.1625 low. Settlement was at 186.525. Feeder Cattle is in a trading range with the high at 188.575 and the low at 185.55. The cash feeder market has dipped since …
Pure Hedge Cattle
PURE HEDGE CATTLE In my opinion with cash cattle trade developed late Thursday, with prices as much as $4 higher in the northern market. Packers are believed to be paying higher money for cash cattle going into next week. So far, cash trade has been light at slightly firmer prices compared with last week. Choice boxed beef prices firmed another …
Commentary
Yesterday saw the ZCH23/ZCK23 (March/May Corn) spread work back to a 1 cent inverse, while today’s weekly close puts the spread at even or parity. The ZSH23/ZSK23 (March/May soybeans) tighten to a 5-cent inverse. Both spreads have been weakening of late, reflective of what we are seeing in the delivery markets, both of which look like there should be deliveries …
Livestock Report
Walsh Trading Daily Insights Commentary March Feeder Cattle continued its consolidation on Wednesday, revolving around the 187.20 key level, making the high at 187.925 and the low at 186.25. It settled above it at 187.325. Feeder Cattle is in a trading range with the high at 188.575 and the low at 185.55. Feeders couldn’t gain any traction even with corn …
Grain Spreads: Corn Technical Levels
Commentary March corn again tested the $6.85-$6.88 3/4 resistance area this week, but that area has help as significant resistance. Bears therefore were able to follow through to the downside in today’s price action back to 6.75. The U.S dollar index rose to levels not seen since the first week of January, further pressuring corn and wheat prices in my …
Livestock Report
Walsh Trading Daily Insights Commentary March Feeder Cattle pulled back into the lower end of Monday’s trading range, forming an inside candlestick. The Tuesday range was 187.225 to 186.125 and settlement was at 186.65. The market seemed tired after Monday’s wild session, with traders unwilling to press futures higher and keeping the price action stuck within resistance and support. Feeder …
Grain Spreads: Black Sea Corridor
Commentary Following rumors last week amid missile attacks all over Ukraine, Russia over the weekend announced it was considering not renewing the grain agreement that expires in March unless it saw some concessions that lifted sanctions against its Ag exports. Rumors then confirmation of this have send wheat futures up from the 7.40/ 7.50 area to 8.00 on the Board. …
Livestock Report
Walsh Trading Daily Insights Commentary March Feeder Cattle opened strong and raced to the high of the day at 188.20. It wasn’t able to handle the success and reversed course, sinking to the session low at 185.55 as strength in corn put fear back in traders’ minds. A pullback in corn and a resurgence in the fats turned around Feeders …
Grain Spreads: Air Raid
Commentary Russia’s announced plans to cut its crude oil exports and complaints about the U.N. deal allowing Ukrainian grain exports gave the wheat market a boost to finish the week in my opinion. Russia’s ambassador to the United Nations said today that Moscow has not been able to export any grain as a part of the Black Sea grain deal …