Commentary US weather forecasts dominated the market today as the 10-day outlook showed some wetter solutions from what was seen on Friday. In my opinion the good to excellent condition rating dropping 2 points from last week at 73 percent good to excellent has been priced in. It has been too dry in the Eastern Corn Belt but that may …
Pure Hedge – Livestock and Grain
6/17/24 The Cattle and Grain Markets were all lower today. August’24 Live Cattle were 37 ½ cents lower today and settled at 182.80. Today’s high was 183.70 and that is also the new 1-month high. Today’s low was 182.45 and the 1-month low is 175.80. Since 5/17 August’24 Live Cattle are 3.75 higher or more than 2%. The Feeders …
Cattle Markets Surge, Hogs Bounce Back
July Lean Hogs opened lower, below support at 92.375 and fell apart. It broke down to support at 90.40 making the low right on support. Bulls came back into the market and hogs surged. It reached its high late morning at 94.325 and then consolidated the rest of the session, settling at 93.65. The breakdown to support was all about …
Pure Hedge – Livestock and Grain
6/14/24 The Livestock Markets were all higher today, while the Grain Markets are getting close to their monthly lows. August’24 Live Cattle were 3.67 ½ higher today and settled at 183.17 ½. Today’s high was 183.60 and that is also the new 1-month high. Today’s low was 180.35 and the 1-month low is 175.80. Since 5/14 August’24 Live Cattle are …
Walsh Gamma Trader
6/14/24 COMMODITY BUY/SELL COST PER CONTRACT EXPIRATION GRAINS SEP’24 SOYBEAN MEAL BUY 300P 0.95 or $95.00/Contract 70 Days – 8/23/24 MAY’25 CORN BUY 700C 4 3/8 or $218.75/Contract 315 Days – 4/25/25 JAN’25 SOYBEANS BUY 900P 1 3/4 or $87.50/Contract 196 Days – 12/27/24 MAR’25 WHEAT BUY 500P 4 3/8 or $218.75/Contract 252 Days – 2/21/25 LIVESTOCK APR’25 LIVE CATTLE …
Grain Spreads: Weather Leans Bearish
Commentary Corn came undone today with midweek rallies unable to hold. Later next week weather runs not as bullish as feared and with both basis here and in Brazil dropping today, sellers emerged. In my opinion the Euro model started to turn toward wetter yesterday and is now cooler and wetter today. This has taken some of the wind out …
Hogs Can’t Hold Early Rally
July Lean Hogs opened lower and rallied to the high at 94.575. Exports were good and Mexico was in for a large number. This helped sentiment early as many were worried with the Mexican currency sagging, they would back off of buying US pork. The cash index ticked higher and there was hope the cash market was going to turn …
Grain Spreads: No Surprises
Commentary In my view today’s report from USDA was a nonevent for wheat. US 2024/25 all wheat production came in at 1.875 billion bushels versus an average expectation of 1.884 billion and a range of 1.858 to 1.925 billion. World ending stocks for 2024/25 came in at 252.3 million tonnes versus 251.2 million expected (range 247.5-255.1 million) and down from 253.6 …
Pure Hedge – Livestock and Grain
6/12/24 The Cattle Markets were a little lower today while the Hogs had a nice rally. August’24 Live Cattle were 60 cents lower today and settled at 178.32 ½. Today’s high was 179.62 ½ and the 1-month high is 182.15. Today’s low was 177.90 and the 1-month low is 172.70. Since 5/10 August’24 Live Cattle are 4.10 higher or …
Grain Spreads: July24/Nov 24 Bean Spread
Commentary It is my belief that after Fridays sell-off, we saw some short covering by funds ahead of Wednesday’s 11am WASDE release from USDA. However, the big winner today in beans was old crop vs new crop. The spread in my view was aided on a few fronts. First, that US end users improved their bids by 5-10 cents in …