11/13/23 The Grain complex and the meats were all higher today. January’24 Soybeans tried to test last week’s high, and the 1-month high of 1384 ½ all day today but stalled out each time, until todays close, when they traded 1386. January’24 Soybeans settled today at 1382 ½, that’s a gain of 35 cents. Over the last month (since 10/13) …
Pure Hedge – Grains
11/10/23 The grain markets were crazy this week and mixed today, and for the week. The January’24 Soybeans were 4 cents higher today and settled at 1347 ½, down 4 ¼ for the week. On Wednesday 11/8 January’24 Soybeans traded 1384 ½, that is the high for this week and for the month. Since October 10th January’24 Soybeans are up …
Pure Hedge – Livestock
11/10/23 Wow, what a week… The Cattle markets and the Soybean markets were all over the place this week. Since the Feed on Cattle Report, on October 20th, the Cattle markets have gotten crushed. December’23 Live Cattle is down 10.45 or almost 6% since the report. Today the December’23 Live Cattle were 0.175 lower, and settled at 174.175, a loss …
Livestock Markets Pause After Painful Week
December Lean Hogs opened higher, reversed and traded down to the low of the day at 70.625. The low found support just above the 38.2% retracement level (70.475) and raced higher. It rallied to the high of the day at 73.125, which is just below resistance at the declining 50-DMA at 73.475 and the 61.8% retracement level at 71.625. It …
Grain Spreads: One More Time?
Commentary The November WASDE release from USDA was seen as bearish as corn and bean yields were raised more than expected in my view. For beans, USDA raised its soybean crop estimate 25 million bushels from the month prior as yield came in at 49.9 BPA vs 46.6 last month. Prior to the report the market saw demand pick up …
Cattle Markets Descent Continues
January Feeder Cattle opened unchanged and tried to rally above Wednesday’s hammer candlestick high at 233.20. It made the high just above it at 233.325 and collapsed. The head fake on the open stalled just above resistance at 233.10 and then broke down through key support levels, including the critical 200-DMA at 229.90. It paused here and at the 229.925 …
Pure Hedge – Grains
The Grain markets were also all over the place today, and resembled yesterday’s trade. January’24 Soybeans traded up to 1384 ½ today. That was today’s high and the high for the month. Soybeans broke from there, and January’24 soybeans settled at 1365 ¾, up 3 ¾ for the day. Since 11/1 January’24 Soybeans are up 50 ¾ cents or almost …
Pure Hedge – Livestock
It has been a crazy week in the Livestock and Grain markets, its only Wednesday, and there is a WASDE report tomorrow. December’23 Live Cattle was all over the place today. December’23 Live Cattle gained 0.625 today and settled at 179.400. Since 11/1 December’23 Live Cattle is down 4.425 or almost 2.5%. The low today was 176.625, and that is …
Grain Spreads: No Story
Commentary Wheat rallied yesterday on zero fundamentals and pulled back on an improved US crop situation today. Good to excellent ratings improved 3 points when the Trade was expecting a steady number. At 50% Good to excellent the crop is 4% better than average. US winter plantings are 90% complete vs 89% average. Emergence is also better than average with …
Pure Hedge – Grains
11/6/23 Soybeans continued to climb today. January’24 Soybeans gained 12 ¼ cents today and settled at 1364. Over the last 5 trading days, January’24 Soybeans are up 55 ¾ cents, or over 4%. For the last month (since10/6/23) January’24 Soybeans are up 78 ½ cents, or more than 6%. December’23 Corn did not do much today. December’23 Corn stayed in …