Beans saw some short covering in my view today as the front month came in 28 cents lower on the week. Not much new news to drive the market significantly higher or lower ahead of a three-day holiday weekend. Needed rains have started to show up in many of Brazil’s driest growing regions with more on the way in the …
Hogs Consolidate as it Waits For Hogs and Pigs Report
February Lean Hogs in a quiet holiday inspired trade, opened higher and traded up to the high of the day at 71.25. It reversed and broke down to the low of the day at 70.125. It then made a run towards the high and settled in the middle of the range at 70.65. Price is consolidating in the middle of …
Grain Spreads: Rallies Sold
Commentary Continued weakness amid a lack of conviction in the grain sector was the theme today with KC wheat leading the way lower down 16 cents, Chicago down 12 cents and Minneapolis down 10. March 24 Corn made new contract lows while beans and meal couldn’t hold any rally and faded late. Better weather in South America where needed rains …
Pure Hedge – Livestock and Grain
12/20/23 The Grain markets were lower, and the cattle markets were higher today. February’24 Live Cattle continued to rally today and had a gain of 1.525 and settled at 170.300, just below the sessions high of 170.425. The 1-month and 52-week low is 162.400. Since 11/20 February’24 Live Cattle are down 6.275 or over 3 ½%. March’24 Feeder Cattle also …
Pure Hedge – Livestock and Grain
12/18/23 The Cattle markets closed higher again today, and the Grains were mixed. The Cattle have continued to quietly post a gain again. The February’24 Live Cattle were slightly higher today, up 0.275 and settled at 169.625, just above the low of 169.350. Since 12/11 February’24 Live Cattle are 1.725 higher or just over 1%. January’24 Feeder Cattle gained 2.275 …
Livestock Markets Can’t Hold Early Strength
February Lean Hogs opened lower and traded down to the low of the day at 71.00. It reversed and rallied to the high of the day at 72.45. It couldn’t sustain the rally and repeatedly attempted to test the low. It settled in the lower middle of the range at 71.575. It formed a Doji candlestick indicating indecision after attempting …
Grain Spreads: Meal Deal
Commentary The hot and dry conditions that stressed crops in central and northeastern Brazil during the weekend will continue early this week. However, the models continue to show moisture relief for Center-West Brazil the last half of this week, but they’re trimming back the amounts. In my opinion soybean meal and soybean oil found support this morning from a move by …
Pure Hedge – Livestock
12/15/23 The Livestock and Grain Markets all closed higher today. February’24 Live Cattle gained 1.425 today and settled at 169.350, just below today’s high of 169.750. This week the February’24 Live Cattle gained 3.625 or over 2%. However, Since 11/15 February’24 Live Cattle are down 9.425 or over 5%. March’24 Feeder Cattle were 2.050 higher today and settled at 222.175, …
Pure Hedge – Grain
12/15/23 The Grain Markets were all higher today. January’24 Soybeans gained 1 ¾ today and settled at 1315 ¾. For the week Beans were up 11 ¾ or almost 1%, but still down 69 ¼ cents or 5% since 11/15. March Corn was 3 ¾ cents higher today and settled at 483, just below today’s high of 484. For the …
Livestock Markets Rally to end Week on A Positive Note
February Lean Hogs opened higher and broke down to the low of the day at 69.475, consolidating in the upper end of Thursday’s limit up rally. It took price down to support at the 13-DMA now at 69.40. Traders were enthused that price couldn’t break through support and turned the price action around and Hogs rallied the rest of the …