April Lean Hogs continued its consolidation on Thursday. It is now trading in the upper part of its 85.575 – 83.15 trading Range. Thursday’s range was 85.30 – 84.35 with settlement at 85.025, forming another narrow body and narrow range day. Settlement was above the 8-DMA now at 84.70 with the high below resistance at 85.325. The cash markets continue …
Pure Hedge – Livestock and Grain
3/13/24 The Livestock and Grain Markets were mixed today, and they are about to start moving. The Cattle Markets continued to climb today. April’24 Live Cattle were 1.675 higher today and settled at 189.925, just below today’s high of 190.000, which is also the new 1-month high. Today’s low was 188.050 and the 1-month low is 182.825. Since 2/13 April’24 …
Grain Spreads: Bean Surge
Commentary May soybeans rallied 16 3/4 cents to $11.96, a one-month-high close, while May meal rose $2.00 to $339.20. May soy oil surged 118 points to 47.82 cents, marking the highest close since Feb. 8th. The market in my view rallied on one headline. Brazilian government supply agency CONAB, which is the Brazilian version of the USDA cut their 2023/24 …
Hogs Break down
April Lean Hogs opened higher and then broke down hard to an early low. The early cutouts showed strength and price proceeded to rally, taking out the high and make the session high at 84.925. The market couldn’t handle success and it broke down the rest of the session to the low at 83.15. It settled near the low at …
Pure Hedge – Livestock and Grain
3/11/24 The Livestock Markets were unchanged or lower today. April’24 Live Cattle were unchanged today and settled at 187.600. Today’s high was 188.375 and the 1-month high is 189.950. Today’s low was 186.975 and the 1-month low is 182.825. Since 2/9 April’24 Live Cattle is 0.875 higher or almost ½%. The Feeders lost a buck today. April’24 Feeder Cattle were …
Grain Spreads: Reversal in Wheat
Commentary May Chicago wheat closed up 9 1/2 cents at $5.47 1/4 and near the session high. Prices hit another contract low early on hitting a new low at 5.23. KC wheat closed up 10 cents at $5.98 3/4, nearer the session high and hit a three-week high. We are currently in 3rd day of the Goldman Roll, which may …
Cattle Makes New High and Fails
April Feeder Cattle opened higher and raced to the high of the day at 258.325. The rally punched through resistance at 257.925 but stalled just below trendline resistance at 258.45. It then broke down, blasting through the short-term MA’s (8 @255.675 and 13 @ 255.875) and took out Thursday’s low at 254.50 and support at 254.30 to the low at …
Grain Spreads: Short Covering in Beans
ommentary Ahead of the report, corn futures were trading 2 to 3 cents lower, soybeans were mostly 2 to 6 cents lower, winter wheat markets were 5 to 7 cents higher, spring wheat was 2 to 3 cents higher. Beans finished the day up 17 cents, corn up 1.6, Chicago wheat up 9, KC up 14, Minneapolis up 8 cents. …
Cattle Markets Rally
April Feeder Cattle opened lower and looked like it was going to collapse. It broke down below the short-term MA’s (8 @256.30 and 13 @ 255.725) and took out Wednesday’s low at 254.95. It wasn’t to be however, as price made the low at 254.50 which is just above support at 254.30. The market recovered and grinded higher to the …
Grain Spreads: Creamed Wheat
Commentary May Chicago wheat plunged 20 cents to $5.31, ending near the session low after a move to a fresh contract low. May KC fell 13 cents to $5.56 1/4, forging a low-range close, while May Minneapolis wheat fell 10 1/4 cents to $6.45 1/4. The break in prices especially in front month contracts comes on two fronts First, Black Sea/ …