Hogs Consolidate

Ben DiCostanzoGeneral Commentary

April Lean Hogs opened lower and rallied to the session high at 81.725. It was right at resistance at 81.70 and resistance held leading to a reversal and it traded down to the session low at 80.35. This was just under support at 80.45 and it held and futures consolidated the rest of the session and settled at 81.125. Traders …

Pure Hedge – Livestock

Bill AllenGeneral Commentary

2/9/24 It was a crazy week in the commodity markets. The Grains broke and the Livestock rallied. April’24 Live Cattle was 0.150 higher today and settled at 186.725, not far below today’s high of 187.475, which is also the 1-month high. Today’s low was 185.825 and the 1-month low is 172.775. Since 1/9 April’24 Live Cattle are 13.125 higher or …

Pure Hedge – Grain

Bill AllenGeneral Commentary

2/9/24 It was a crazy week in the commodity markets. The Grains broke and the Livestock rallied. April’24 Live Cattle was 0.150 higher today and settled at 186.725, not far below today’s high of 187.475, which is also the 1-month high. Today’s low was 185.825 and the 1-month low is 172.775. Since 1/9 April’24 Live Cattle are 13.125 higher or …

Cattle Markets Consolidate

Ben DiCostanzoGeneral Commentary

March Feeder Cattle opened higher, traded to the high of the day at 248.35 and then broke down to the session low at 245.925. It consolidated the rest of the session and settled at 247.15. Futures consolidated on Friday after making a new high for the recent up move at 249.15 on Thursday. It was unable to build upon the …

Grain Spreads: Wheat Strangle

Sean LuskGeneral Commentary

Commentary Chicago wheat saw some early strength this AM amid the third day of the Goldman Roll. Other than that, it was another rally that challenged over 6.00 that faded slowly into the close. Kc and Minneapolis finished unchanged. It is my view that falling corn prices are weighing on wheat futures, with U.S. Dollar strength also undercutting the market. …

WALSH GAMMA TRADER

Bill AllenGeneral Commentary

2/9/24 COMMODITY BUY/SELL COST PER CONTRACT EXPIRATION GRAINS SEP’24 SOYBEAN MEAL BUY 250P 0.70 or $70.00/Contract 196 Days – 8/23/24 JUL’24 CORN BUY 370P 1 3/8 or $68.75/Contract 133 Days – 6/21/24 AUG’24 SOYBEANS BUY 900P 1 1/4 or $62.50/Contract 168 Days – 7/26/24 JULY’24 WHEAT BUY 400P 3/8 or $18.75/Contract 133 Days – 6/21/24 LIVESTOCK AUG’24 LIVE CATTLE BUY …

Hogs Continue Lower

Ben DiCostanzoGeneral Commentary

April Lean Hogs gap opened lower and tried to close the gap. It rallied to the high at 81.025 leaving the smallest possible gap with Wednesday’s low at 81.05. The failure to close the gap sent price on a downward trek to the session low at 79.625. It drifted from here before rallying into the close to settle in the …

Pure Hedge – Livestock and Grain

Bill AllenGeneral Commentary

2/7/24 The Cattle Markets traded close to the 1-month highs this morning, then broke back down, while the Grains dropped on the open. April’24 Live Cattle was 1.275 lower today and settled at 184.800, just above today’s low of 184.350. Today’s high was 186.200, just below the 1-month high of 186.575. The 1-month low is 172.275. Since 1/5 April’24 live …

Grain Spreads: Bean Bounce?

Sean LuskGeneral Commentary

Commentary Mondays bounce off key trendline support at 11.79 set the tone for some minor short covering in my opinion. Not surprising as each new low in beans on this two-month break sees some bargain buying /short covering. Keep in mind there is reason for this especially heading into Thursday’s WASDE, and next week’s first look at US yield and …

Hogs Falter

Ben DiCostanzoGeneral Commentary

April Lean Hogs opened lower and broke down to the low at 82.075. It recovered and rallied to the session high at 83.425. It couldn’t sustain the rally and broke down the rest of the session approaching the low and settling near the low at 82.20. The initial breakdown took price back to the break out candle from January 24th. …