5/10/24 Today’s WASDE Report was released this morning, and it looked Bullish for Corn and Wheat, but Bearish for Soybeans. However, the market reaction in the Soybeans, did not fit with the data, but it will soon. Today July’24 Soybeans were 10 ½ cents higher and settled at 1219. July’24 Corn was 13 ¼ cents higher and settled at 469 …
Grain Spreads: Xmas in May
Commentary If you are planting corn this year or still have old crop corn to sell, todays numbers from USDA were Xmas come in May in my opinion. Don’t get me wrong, there is nothing inherently bullish with an old crop and new crop carry-out of 2 billion bushels. However the numbers were bullish versus expectations. USDA cut old-crop corn …
Hogs Consolidate
June Lean Hogs opened higher, rallied to the high at 99.30 and then broke down the rest of the session to the low at 97.475. It settled near the low at 97.725. Hogs are in the lower end of its recent trading range, making a new low for the down move on Wednesday at 97.225 and Thursday’s trade staying within …
Pure Hedge – Livestock and Grain
5/8/24 All of the Grains and the Cattle Markets were much lower today. The Soybean Market headed lower today, after running higher earlier this week, and before the WASDE Report on Friday. July’24 Soybeans were 18 ¾ cents lower and settled at 1227 ¾. Today’s high was 1248 and the 1-month high is 1256 ½. Today’s low was 1225 ½ …
Grain Spreads: No Rally to Waste
Commentary Short covering has been the recent theme of the corn market as it follows beans, meal and wheat to the upside. Current managed money positioning for corn is short 195K contracts for both futures and options. Funds hit a record corn short in February at 370K. This is leaving many to believe that corn could trade significantly higher if …
Pure Hedge – Livestock and Grain
5/6/24 The Feeders continued their push lower today, while Live Cattle stayed positive. June’24 Live Cattle were 30 cents higher today and settled at 176.97 ½. Today’s high was 177.37 ½ and the 1-month high is 179.65. Today’s low was 175.80 and the 1-month low is 170.25. Since 4/5 June Live Cattle are 4.92 ½ higher or almost 3%. The …
Hogs Make New Low
June Lean Hogs gap opened lower, rallied to the high which closed the gap at 99.05 and then broke down to a new low for the down move at 97.825. It settled near the low at 98.175. The cash market has stagnated even with good demand from consumers and exports. The indices have not been able to challenge their recent …
Hogs and Cattle Struggle as they End Week Lower
June Lean Hogs opened unchanged at 99.925, which also was the high of the day as price broke down to a new low for the down move at 98.825. Hogs tried to bounce back after making the low but failed to overtake the high and crept lower into the close to settle at 98.95. The cash market has faltered recently …
Walsh Gamma Trader
5/17/24 COMMODITY BUY/SELL COST PER CONTRACT EXPIRATION GRAINS SEP’24 SOYBEAN MEAL BUY 290P 1.00 or $100.00/Contract 98 Days – 8/23/24 JUL’24 CORN BUY 500C 1 7/8 or $93.75/Contract 35 Days – 6/21/24 AUG’24 SOYBEANS BUY 1050P 2 or $100.00/Contract 70 Days – 7/26/24 JULY’24 WHEAT BUY 550P 1 7/8 or $93.75/Contract 35 Days – 6/21/24 LIVESTOCK AUG’24 LIVE CATTLE BUY …
Grain Spreads: Madness in Brazil
Commentary Torrential rainfall in Brazil’s far southern state of Rio Grande do Sul state caused flooding and disruptions to the final stages of soybean and corn harvests. Grain traders the last few trading sessions point to excessive wet weather that is suggesting that with roughly a quarter of the crop remaining in the field, it could be subject to harvest …