February Lean Hogs continued its recovery since breaking down on Monday to a low for contract at 65.80. This low was just above the low for the continuous contract at 65.40 settling up a short-covering rally that has closed the gap created form the breakdown on November 24th from the November 23rd low. The gap is from 71.40 to 71.575 …
Grain Spreads: Day Two Short Covering in Wheat
Commentary The wheat sector gave the bulls a little hope today with higher closes across the board for the second consecutive session. Rumors that China was in buying some Chicago and/or KC wheat and that attracted short covering from speculators in my view. So far, the buying interest from China has exceeded projections and further confirmed purchases would signal a …
Grain Spreads: Short Covering
Commentary March Chicago wheat rose 11 cents at $5.72 to close 2 cents off the session high. March KC wheat closed up 21 1/4 cents at $6.17 3/4. Prices closed near the session high after hitting a contract low early on. March Minneapolis wheat futures rose 13 1/2 cents to $7.13 1/4. Short covering was seen in the wheat futures …
Cattle Markets Sink
January Feeder Cattle continued its fall from grace, dropping to a new low for the down move at 212.125. It settled near the low at 212.80 and made the high at 220.775. Bears maintained control of the market after Friday’s holiday market destruction. This is with corn weakness and the cash index stable. In fact, we are now 17.58 handles …
Pure Hedge – Livestock and Grain
11/27/23 I no longer see a floor in the cattle market. I think there is a long way to go before cattle finds a bottom, and I have been recommending option trades in October’24 Cattle, based on my belief of a continual decline in prices. I have said that any strength in the Cattle and Soybean markets is an opportunity …
Cattle Markets Collapse
January Feeder Cattle opened below trendline support at 227.55 and fell apart. It made the high at 227.375 and broke down the entire shortened session to the low at 219.15. Settlement was near the low at 219.325. The Thanksgiving holiday shortened session left bulls with little to be thankful for as bearish traders had control of the price action from …
Grain Spreads: Black Friday Liquidations
Commentary January soybean futures saw heavy selling for the second straight session, falling 25 3/4 cents to $13.30 3/4. That loss marked a 9 1/2 cent loss on the week, despite a rally to $13.89 1/4 mid-week. Weaker volumes were seen in todays session with recent longs booking profits in beans and most meal contracts. December soybean meal futures showed …
Pure Hedge – Livestock and Grain
11/24/23 Well, that was ugly, but expected…The Cattle, Hogs and Soybeans were CRUSHED today. February‘24 Live Cattle were 4.300 lower today (2 ½%) and settled at 170.975, just above the low of 170.475. January‘24 Feeder Cattle dropped 7.800 today (3 ½%) and settled at 219.325, just above the low of 219.150. February’s Lean Hogs got smacked down 3.050 …
Pure Hedge – Livestock and Grain
11/22/23 The Cattle and Soybean markets feel heavy… February’24 Live Cattle closed lower again today, down 0.800 and settled at 175.275, just above today’s low of 175.200. January’24 Feeder Cattle were 1.200 lower today and settled at 227.125, not far from the day’s low of 226.650. Hogs were also lower today. February’24 Lean Hogs closed 0.500 lower today and settled …
Grain Spreads: Potential Reversal
Commentary Portions of central Brazil received light precipitation over the weekend, while southern areas received heavy rains. Not much change occurred for center west, center south or interior northeastern Brazil over the coming ten days, as isolated showers and thunderstorms have the potential to pop up across key summer crop areas. However, in my view funds weren’t impressed with the …