Walsh Trading Daily Insights Commentary May Feeder Cattle opened higher and traded to the session low at 204.525. It reversed course and raced to the session high at 206.85. All by 9 AM CDT…. Boom … rally over. It broke down again and approached the low then climbing and settling at 205.25. The rally and subsequent decline could be interpreted …
Grain Spreads: Old Crop Beans
Commentary US soybean stocks on March 1 totaled 1.685 billion bushels versus an average expectation of 1.728 billion and a range of expectations from 1.600 to 1.910 billion. This suggests that USDA over-stated the size of last year’s crop in my opinion and will potentially need to lower US ending stocks in the next WASDE report on April 11th. US soybean …
Pure Hedge
PURE HEDGE CATTLE Cattle prices this week rallied sharply with the April live cattle contract settling at 168.350 and the March Feeder cattle contract settling at 192.40. Moderate to active fed cattle cash trade occurred in the North at $168 to $172 live and a range of to $266 to $276 dressed with the average being about $171. This is …
Livestock Report
Walsh Trading Daily Insights Commentary May Feeder Cattle opened lower and traded to the session low at 200.175. It was a head fake to the downside, turning higher and rallying the rest of the day to a new high on the continuous chart at 202.625. It settled near the high at 202.525. Enthusiasm came back to the Feeders after yesterday’s …
Grain Spreads: Wheat Flurry
Commentary Wheat futures were supported overnight by news Cargill will cease exporting Russian grain. Then a second announcement by World grain trading firm Viterra the world’s largest wheat exporter announced today they would also stop trading in Russia, just after Cargill backed out on Tuesday starting with the next marketing year on July 1. Corn and soybeans then followed to the …
Livestock Report
Walsh Trading Daily Insights Commentary May Feeder Cattle consolidated in the upper end of Monday’s trading range with a negative lean as it closed lower on the session. The high came in at 201.75, the low was at 200.45 and it settled at 200.80. Price basically stayed within the support/ resistance area from 202.10 to 200.75. It settled just above …
Grain Spreads: KC/Chicago Wheat
Commentary The rally in wheat specifically the KC and Minneapolis contract comes on three fronts. First, concerns in Eastern Europe. Debate continues to what Russia will do with its “halt” wheat export comments in my view. Lots of noise coupled with small tactical nukes being moved into Belarus. The market in my opinion is at least respecting the idea that …
Livestock Report
Walsh Trading Daily Insights Commentary May Feeder Cattle is now the lead contract as its volume has exceeded the volume of the April contract. Feeders surged on Monday, trading up to 201.775 for the session high, approaching resistance at 202.10 and then easing into the close to settle at 201.375. It had opened higher, down -ticking to the low at …
Livestock Report
Walsh Trading Daily Insights Commentary June Lean Hogs opened lower, trying to put fear in traders hearts as the Thursday candle was bullish in my opinion, and trading to the session low at 88.80. Good sense took over and price rallied to the session high at 91.875. The rally stalled… it was mid-session and price consolidated and settled near the …
Grain Spreads: Wheat/Corn Short Covering
Commentary Wheat futures firmed overnight amid Black Sea supply uncertainty. Corn followed to the upside, Private exporters reported 204,000 metric tons of corn for delivery to China for the current marketing year. This sale brings the two-week running total to 2.75 million metric tons of corn, or 108.3 million bushels of corn sold to China. Per Reuters, according to two unidentified …