11/6/23 The Cattle markets continued to trade lower today. December’23 Live Cattle fell 2.550 today, and settled at 181.325, just off the session lows. Over the last month (since 10/6/23) December’23 Live Cattle is down 5.275 or almost 3%. January’24 Feeders broke 3.325 today and settled at 236.425, just off the lows in today’s trading range. Over the same 1-month …
Cattle Crashes to Start the Week
December Live Cattle gap opened lower and traded downward all session to the low at 181.225. It made the high at 183.275 and settled near the low at 181.225. The breakdown follows Friday’s Bearish Engulfing Candlestick formation on a technical level and weaker than expected cash market. Traders had expected cutouts and the cash trade to be higher and trade …
Pure Hedge – Livestock
11/4/23 The meats were all lower today. December’23 Live Cattle were 0.800 lower today and settled at 183.875, a gain of 1.65 this week. November’23 Feeder Cattle were 2.025 lower today, and settled at 240.600, a gain of 3.7 for the week. December’23 Lean Hogs also fell 1.525 today and settled at 71.750, a gain of 1.275 for the week. …
Pure Hedge – Grain
11/3/23 The grain market was higher today but mixed for the week. Soybeans led the way today. January’24 soybeans were up 23 1/2 cents today and settled at 1351 3/4, that’s a gain of 32 1/4 cents for the week. December’23 corn also rose 7 1/4 cents today, and settled at 477 1/4, but were 3 1/2 cents lower for …
Livestock Markets End the week on a Sour Note
December Lean Hogs opened higher, made the made the high of the day at 73.625 and traded lower the rest of the session to the low at 71.525. It settled near the low at 71.75. The initial upticks in price took it to the 61.8% retracement of the September 20th high at 78.70 to the October 20th low at 65.40. …
Grain Spreads: Bean Frenzy
Commentary Soybeans have been firm for the most part all week and finally were able to break out above the rece4nt highs at 1334 to trade up to the next levels or resistance in the low 1350’s. (See Chart) Trend and Index following funds added somewhere 13 to 15K contracts the last few sessions to add to the bullish fervor …
Hogs Breakout
December Lean Hogs opened higher, dipped to the low of the day at 70.075 and then rallied the rest of the session to the high at 73.375. It settled near the high at73.275. Hogs reversed a bearish Wednesday trade with its break down to just above support at 69.90. The surge took out resistance at the 50% retracement (72.05) of …
Grain Spreads: Tug of War in Soybeans
Commentary Soybean crush hit a new record high for the month of September at 174.76 million bushels, versus the previous record of 171.06 million in 2020. Expectations were for crush at 175 million bushels, so it was a slight miss versus the average trade guess, but it landed near the middle end of expectations at (173.9-175.9 million bushels). Will these …