Commentary Wheat short covering stalled out today after the CFTC showed the Managed Money sector had reduced its position by approximately 25%. Managed Money is short over 76K contracts while hard red or KC wheat shows managed funds short 48K. Condition ratings are a tale of two cities. Therefore, Chicago wheat fell further today than KC as the soft red …
Hogs Bounce Back After Weak Open
June Lean Hogs gap opened lower and broke down to the low of the day at 101.35. The breakdown tested support at 101.975 and the recent low at 101.175. Price reversed course and traded to the high at 103.025, closing the gap. It pulled back into the close to settle at 102.475. The cash market has been pulling back taking …
Pure Hedge – Livestock and Grain
4/29/24 The Beans were higher today based on a strike in Argentina, and will continue their scheduled break later this week, and apparently the Cattle are too fat. Today June’24 Live Cattle were 1.42 ½ lower and settled at 177.15. Today’s high was 179.07 ½ and the 1-month high is 181.12 ½. Today’s low was 176.97 ½ and the 1-month …
Hogs Weaken While Cattle Markets Rally
June Lean Hogs opened lower, made the high at 104.55 and then broke down below support at 104.35 and continued down ward to the low at 102.225. It settled near the low at 102.475. The cash market has started to work lower and with futures trading at a stiff premium to the cash market, traders took some off the top, …
Pure Hedge – Livestock and Grain
4/26/24 Next week will be interesting. If there is a scare over the weekend, the Cattle could collapse, and May’24 Grain Options have now expired. The Cattle Markets were higher today and June’24 Live Cattle were 77 ½ cents higher today and settled at 178.57 ½. Today’s high was 179.65 and the 1-month high is 181.12 ½. Today’s low was …
Grain Spreads: Risk Reversal in Beans
Commentary The soybean complex continues to struggle, as it is simply priced well above the world cash market right now in my opinion. It doesn’t have a story to trade otherwise for old crop beans. This comes as the Brazilian harvest mostly complete and the Argentine harvest gaining momentum. Argentina’s Buenos Aires exchange reports that the soybean harvest has advanced to 26% …
Walsh Gamma Trader
4/26/24 COMMODITY BUY/SELL COST PER CONTRACT EXPIRATION GRAINS SEP’24 SOYBEAN MEAL BUY 280P 1.00 or $100.00/Contract 119 Days – 8/23/24 JUL’24 CORN BUY 540C 1 7/8 or $93.75/Contract 56 Days – 6/21/24 AUG’24 SOYBEANS BUY 1000P 2 or $100.00/Contract 91 Days – 7/26/24 JULY’24 WHEAT BUY 500P 1 7/8 or $93.75/Contract 56 Days – 6/21/24 LIVESTOCK AUG’24 LIVE CATTLE BUY …
Hogs Break Down
June Lean Hogs opened lower at 106.80 which turned out to be the high of the day. It broke down to the low at 104.375 and then consolidated the rest of the session to settle near the low at 105.00. The breakdown took price to just above support at 104.35. Settlement was above support keeping the upper hand with bullish …
Grain Spreads: Beans Hit 50% Retracement
Commentary Soybean futures bounced around with no guiding story to keep the short-covering action intact in my opinion. The zsk24/zsn24 futures spread garnered most of the activity with a high-volume session and a close that tied the contract low close near the 16-cent low, with a close at 15.4. cent carry. Spread volume was 54K. July beans today hit a …
Pure Hedge – Livestock and Grain
4/24/24 The Livestock Markets were all lower today, and the Grains were mixed. June’24 Live Cattle were 1.90 lower and settled at 175.25. Today’s high was 177.67 ½ and the 1-month high is 183.35. Today’s low was 174.72 ½ and the 1-month low is 170.25. Since 3/22 June’24 Live Cattle are 7.65 lower or mor than 4%. The Feeders were …