Pure Hedge – Livestock

Bill AllenGeneral Commentary

10/21/23 The meats were all lower on Friday, and had a big slide down for the week. December’23 live cattle were down 0.675 on Friday and settled at 184.625, down 2.125 for the week. November’23 feeder cattle were down 2.275 Friday and settled at 242.225, down 9.350 for the week. December’23 lean hogs were down 2.000 on Friday and settled …

Pure Hedge – Grain

Bill AllenGeneral Commentary

10/21/23 The grain markets were all lower Friday, but still advanced for the week. November’23 soybeans dropped 13 1/4 cents Friday and settled at 1302 1/4, still a gain of 22 cents for the week. December’23 corn was down 9 1/2 cents Friday and settled at 495 1/2, a small gain of 2 1/4 cents for the week. December’23 wheat …

Livestock Markets Slump into the Weekend

Ben DiCostanzoGeneral Commentary

December Lean Hogs opened lower, made the high of the day at 67.675 and broke down to the low of the day at 65.40. Price recovered to the middle of the range and then pulled back and settled at 66.00. The seasonal decline in cash hog and cutout prices has kept the pressure on futures. Large slaughter numbers and a …

Cattle Markets Fall

Ben DiCostanzoGeneral Commentary

January Feeder Cattle is now the lead contract as its volume has exceeded the November contract. It gap opened lower on the continuous chart at the high of the day at 250.325. It broke down and took out the consolidation range low at 248.225 and all he!$ broke loose. Price collapsed and traded down the rest of the session to …

Grain Spreads: Funds Jump Back In

Sean LuskGeneral Commentary

Commentary Managed funds after liquidating to a near neutral position in soybeans are in my view playing the soy seasonals and buying the dips following last week’s WASDE amid 60 percent harvest progress in my opinion. Rumors that China bought a few cargoes of US beans combined with a close over the 200-week moving average on the weekly continuous chart. …

Grain Spreads: Stong Crush Buoys Beans

Sean LuskGeneral Commentary

Commentary NOPA soybean crush got off to its strongest-ever start to a marketing year at 165.5 million bushels, an even four million above the previous September record (set in 2020), and over seven million ahead of last year already. The USDA is looking for roughly a 4% increase in total soybean crush in 2023/24, which would mean that cumulative NOPA …

Livestock Markets Continue Lower

Ben DiCostanzoGeneral Commentary

December Lean Hogs gap opened lower, rallied to the high of the day at 69.90 and closed the gap created on the weak open. The high was right at resistance at 69.90 and this proved to be the straw that broke the hog’s back. It broke down and traded to the low of the day at 68.125. It settled near …

Pure Hedge – Grains

Bill AllenGeneral Commentary

10/13/23 The grain markets were all over the place this week. The WASDE Report was released yesterday, and the grains shot straight up, and regained the losses for the week. Today November’23 soybeans were down 9 3/4 cents to settle at 1280 1/4 but ended up 14 1/4 cents for the week. December’23 corn was down 2 3/4 cents today …

Pure Hedge – Livestock

Bill AllenGeneral Commentary

10/13/23 The Meats were all lower today but mixed for the week. December’23 Live Cattle was 1.050 lower today, and settled at 186.750, but eked out a gain of 0.075 for the week. November’23 Feeder Cattle were down 2.000 today and settled at 251.575 but were 0.700 higher for the week. December’23 Lean Hogs were also a little lower today. …

Grain Spreads: Corn Storage Hedge

Sean LuskGeneral Commentary

Commentary Yesterday’s release from USDA showed a larger-than-expected cut to its 2023-24 ending stocks forecast (to 2.111 billion bu.) for corn. In my view it sparked a sparked a bullish response, causing December corn futures to challenge the $5.00 level by the close and the overnight trade. Seasonal patterns suggest the strength might be sustained during October, as we have reached …