April Feeder Cattle opened lower, traded to the high of the day at 255.60 and the fell apart. It broke down over 3 handles to the low at 251.975. It tried to rally back, but stalled and settled at 253.725. The breakdown took price below support at the rising 13-DMA at 252.475 and the key level at 252.35. The bounce …
Grain Spreads: Numbers Game in Beans
Commentary Bean prices saw a mid-session rally after the market tested recent lows at the 1133 level, hitting 1134 after the open then rallying 17 cents to 1151. But that rally was short lived, with today’s settlement a tad underwhelming posting a 4.4 cent gain. Private forecaster ABIOVE slashed the Brazilian bean crop 2.3 million metric tons to 153.8. This …
Cattle Survives Opening Breakdown
April Feeder Cattle is now the lead contract as its volume has surpassed the March contract volume. It opened lower, broke down to the low of the day at 256.65 and then surged to the high of the day at 260.80. This is a new high for the up move and it pulled back from the high and settled in …
Grain Spreads: Reversal in KC
Commentary Markets closed higher after choppy action the first half of the trading session. Corn, KC wheat and MGX all managed to put in some impressive reversals higher given new contract lows seen in each of these three markets. We have seen similar attempts at creating bottoms through these reversals, but any follow through has been short-lived in those cases. …
Pure Hedge – Grain
2/23/24 The Soybean Market was crushed today, and the Cattle Markets continued to post gains. April’24 Live Cattle were 1.350 higher today and settled at 187.900, just below today’s high of 188.300. The 1-month high is 189.200. Today’s low was 185.850 and the 1-month low is 177.425. Since 1/23 April’24 Live Cattle are 10.075 higher or more than 5 ½%. …
Pure Hedge – Livestock
2/23/24 The Soybean Market was crushed today, and the Cattle Markets continued to post gains. April’24 Live Cattle were 1.350 higher today and settled at 187.900, just below today’s high of 188.300. The 1-month high is 189.200. Today’s low was 185.850 and the 1-month low is 177.425. Since 1/23 April’24 Live Cattle are 10.075 higher or more than 5 ½%. …
Walsh Gamma Trader
2/23/24 COMMODITY BUY/SELL COST PER CONTRACT EXPIRATION GRAINS SEP’24 SOYBEAN MEAL BUY 250P 1.15 or $115.00/Contract 182 Days – 8/23/24 JUL’24 CORN BUY 350P 1 7/8 or $93.75/Contract 119 Days – 6/21/24 AUG’24 SOYBEANS BUY 900P 2 1/2 or $125.00/Contract 154 Days – 7/26/24 JULY’24 WHEAT BUY 450P 2 1/8 or $106.25/Contract 119 Days – 6/21/24 LIVESTOCK AUG’24 LIVE CATTLE …
Hogs Make New High
April Lean Hogs opened lower and then raced higher making a new high for the up move at 88.90. This took price above resistance at 88.325and it held as price pulled back hard, testing the key level at 87.10 and then climbing back above it to settle at 87.20. The low came in at the opening range at 85.875. The …
Grain Spreads: Bean Droppings
Commentary Bearish news on a few fronts did in beans so far this week in my opinion. This has led soybean prices to give back all of last Friday’s and Tuesday’s gains and then some as funds continue to press the short side of the market. First, rumors were swirling Tuesday night and into Wednesday morning that China may be …
Pure Hedge – Livestock and Grain
2/21/24 These Commodity Markets are getting interesting. The Beans continue to break while the Cattle Markets make new highs on this recent move up. April’24 Live Cattle was 0.375 today and settled at 187.700, that’s in the middle of today’s trading range. Today’s high was 188.900, that is also the 1-month high. The 52-week high is 199.825. Today’s low was …