January Feeder Cattle gap opened higher and raced to the high of the day at 232.20. It fell apart, closing the gap and broke down to the low at 227.45. It worked higher the rest of the session and settled in the upper middle of the range at 229.85. The opening rally was a relief rally in my opinion that …
Pure Hedge – Livestock and Grain
11/20/23 Guess what the Wheat market did today… correct, it broke again. The Wheat market simply can’t catch a bid. March’24 Wheat was 5 ¼ cents lower today and settled at 570 ½. Today’s low of 567 ¾, is also the 1-month and 52-week low. Since 10/20 March’24 Wheat is 43 cents lower, or 7%. March’24 Corn gained 2 ¼ …
Pure Hedge – Grain
11/18/23 The Soybean Market fell another 20 cents today, as a break was expected, if heading to $13.00. January’24 Soybeans dropped 20 cents and settled at 1340 ¼, down 7 ¼ cents for the week. The Beans on 11/15 traded as high as 1398 ½, also the 1-month high, but were unable to hold those levels and broke from there. …
Pure Hedge – Livestock
11/17/23 The Cattle markets gained back a small amount of their recent losses today and for the week. February’24 Live Cattle was 1.475 higher today and settled at 176.800, that’s a gain of 2.150 for the week. Since 10/17 February’24 Live Cattle are down 14.400 or over 7 ½%. January’24 Feeder Cattle also had a small gain of 1.000 today …
Cattle Markets Consolidate in Front of Cattle on Feed Report
January Feeder Cattle rebounded after opening lower and trading to the session low at 225.775. The bounce took price to the high of the day at 229.70 and then pulling back and consolidating the rest of the session. It settled in the upper end of the range at 228.50. Traders lightened positions in front of the Cattle on Feed report …
Cattle Markets Tank
January Feeder Cattle opened lower at the high of the day at 230.70 and broke down to the low at 226.55. It consolidated near the low and settled at 227.50. Overhead resistance at the rising 200-DMA at 231.00 and the key level at 231.175 plus the two previous day’s highs were too much for Feeders to overcome, especially with the …
Pure Hedge – Livestock and Grain
11/15/23 The trade in the Livestock markets today was boring, compared to the last few weeks. February’24 Live Cattle closed 1.900 higher today and settled at 178.775. January’24 Feeder Cattle also gained 1.900 today and settled at 230.900. Lean Hogs closed the day a little lower. February’24 Lean Hogs fell 1.025 today and settled at 74.900. The February’24 …
Grain Spreads: Key Reversal
Commentary The bulls finally had their day in corn on Monday with a reversal on Monday’s trade. (See chart) Spill over strength from soybeans and meal where dips continue to be bought are aiding corn’s cause in my opinion. Open interest increased by 6600 contracts while funds covered 9K shorts. Today’s trade saw corn break 5 cents overnight but finished …
Grain Spreads: Beans and Meal Lead the Way
Commentary January soybeans soared 35 cents before closing at $13.82 1/2, ending on the session highs. December soybean meal rose $19.70 after trading limit up mid-morning, settling at $469.10. The funds love to trade soybeans to the long side, and in my view, this was the case today for beans and meal. Hot and dry weather in central Brazil shows …
Hogs Rally
December Lean Hogs rallied back to the top of its recent trading range, making the high at 73.80, the low at 71.525 and settled near the high at 73.35. Hogs are basically consolidating within 38.2 % – 61.8% retracement range of the September 20th high at 78.70 to the October 20th low at 65.40. The retracement levels are the 38.2 …