Walsh Trading Daily Insights Commentary April Lean Hogs ended the week on a lackluster note, trading within Thursday’s range and settling unchanged from its settlement. The high was at 83.775, the low 82.625 and settlement was 83.325. It didn’t bother to challenge upside resistance and only trickled above and below the key level at 83.325. (Settled right at it for …
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 dragged out cash cattle negotiations as long as possible, hoping feedlots would sell around steady prices. But feedlots dug in their heels and were rewarded. The sharply higher cash prices should trigger a wave of buying in live …
Livestock Report
Walsh Trading Daily Insights Commentary April Lean Hogs opened lower and traded down to the low at 82.30. Bulls took over from here and price rallied to the session high at 84.675. high at 84.075. It pulled back, consolidated and settled at 84.075. The rally took price to just above the declining 100-DMA now at 84.575 and settlement was above …
Grain Spreads: Wheat/Corn
Commentary All three wheat classes Chicago, KC, and Minneapolis wheat settled near session highs after short-lived weakness following the benign USDA report amid little if any negative news in my opinion. It’s my belief the price action in all three wheat classes was dominated by front end buying on the second day of the Goldman roll with calendar spreads firming …
Cattle Commentary
Cattle markets were slow today with the April cattle settling at 163.70 up 10 cents. Feeder fell a little sharper as the corn market were firmer based off of the USDA reports that came out today showing the following: U.S. carryover Corn: 1.267 billion bu. for 2022-23; up from 1.242 billion bu. in January Beans: 225 million bu. for …
Livestock Report
Walsh Trading Daily Insights Commentary April Lean Hogs opened higher and once again tanked, trading down to a new low at 81.275. It reversed course and rallied to the session high at 84.075. It pulled back and settled at 83.275. The new low tested support at 81.70 and the rally took price past resistance at 83.325 and the nearby 21-DMA …
Cattle Commentary
Cattle markets saw some corrective selling today on some decent volume overall. Last weeks cash surge of $2.92 higher pushing the average trade up to $158.17 helped pushed futures higher yesterday and in my opinion will help continue to support the market this week. Choice was up $1.83 and Select was up $2.11 on 104 loads yesterday. Tightening supply continues …
Grain Spreads: Corn Demand
Commentary Corn export inspections declined for the third straight week, from 30.7 million bushels three weeks ago to just 18.9 million bushels on the most recent reporting week. That compares to 41.9 million bushels on the comparable week last year and a 37 million bushels five-year average figure. Cumulative inspections stand at 493.5 million bushels, down just short of 200 …
Livestock Report
Walsh Trading Daily Insights Commentary April Lean Hogs opened weak and plummeted, trading down to the session low at 82.35 by mid-morning. It consolidated near the low for the rest of the session and settled at 82.725. The high was at 86.30. With futures trading at a stiff premium to the cash index, it didn’t take much to snap that …
Grain Spreads: Bean Potential
Commentary From a demand standpoint, the balance sheet remains supportive for soybeans in my opinion. With crops not in the ground in the Northern Hemisphere, Corn and Bean prices are largely driven by demand and weather down in South America during their main growing seasons in my opinion. Export inspections released by the USDA this morning showed inspections of 67.2 …