Walsh Trading Daily Insights Commentary June Lean Hogs opened higher, broke down and then reversed course and traded to the session high at 92.75. This was just above resistance at 92.375 and it couldn’t hold here and broke down off the high. It continued lower the rest of the session to the low at 89.25. It settled near the low …
Grain Spreads: Wheat Rally Fades
Commentary The winter break saw national winter wheat condition ratings fall by six points, from 34% to 28% good/excellent. The numbers match the five-year average winter decline, and it does leave ratings only two points behind last year, but that’s still the lowest initial spring figure since 1996 (and only a point off that record low). Major producer Kansas fell …
Grain Spreads: Corn Waivers Late
Commentary May corn fell 2 3/4 cents to $6.57 3/4, near the session low after posting the highest intraday level since Feb. 23. Corn lost overnight price momentum as the session progressed, despite surging crude oil futures following an unexpected production cut made by the OPEC Plus group on Sunday. USDA inspected 43.2 million bushels of corn for export shipment in the …
Livestock Report
Walsh Trading Daily Insights Commentary June Lean Hogs continued its consolidation, creating a ledge formation. The high was at 92.25 and the low was at 90.10. It settled at 91.425. The past four sessions have basically traded within the 90.40 – 92.375 support and resistance zone. Cash hogs and cutouts continue to sag putting traders in a tough spot, in …
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