7/22/24 The Cattle Markets climbed on the open but gave most of it back before the end of the day. October’24 Live Cattle were 1.12 ½ higher today and settled at 184.60. Today’s high was 185.40 and the 1-month high is 188.55. Today’s low was 183.80 and the 1-month low is 181.72 ½. Since 6/21 October’24 Live Cattle are 1.07 …
Walsh Gamma Trader
7/22/24 COMMODITY BUY/SELL COST PER CONTRACT EXPIRATION GRAINS SEP’24 SOYBEAN MEAL BUY 300P 2.40 or $240.00/Contract 32 Days – 8/23/24 MAY’25 CORN BUY 600C 2 3/8 or $118.75/Contract 277 Days – 4/25/25 JAN’25 SOYBEANS BUY 900P 4 5/8 or $231.25/Contract 158 Days – 12/27/24 MAR’25 WHEAT BUY 500P 9 5/8 or $481.25/Contract 214 Days – 2/21/25 LIVESTOCK APR’25 LIVE CATTLE …
Hogs Stable, Cattle Mixed
October Lean Hogs is now the lead contract as its volume has overtaken the volume of the August contract. It opened unchanged and traded to the low at 73.50 and then the high at 75.00 all in the opening minute of the session. It drifted the rest of the day and settled at 74.55. The price action traded around the …
Pure Hedge – Livestock and Grain
7/19/24 The Fats and the Feeders continued lower this morning, but turned it around, and the Fats closed higher on the day. August’24 Live Cattle were 85 cents higher today and settled at 183.10. Today’s high was 183.32 ½ and the 1-month high is 188.25. Today’s low was 181.90 and the 1-month low is 180.35. Since 6/18 August’24 Live Cattle …
Grain Spreads: Wheat Rumors
Commentary The tentative bottoming wheat market action seen in early summer was negated by USDA’s unexpectedly large wheat production forecast on July 12th in my opinion. Wheat ending stocks came in at 856 million bushels versus an average trade guess of 788. The US market needs the export interest to pull down the carryout because the commitments logged to date …
Hogs Consolidate
August Lean Hogs gap opened lower and rallied to close the gap as it raced to the session high at 91.925. The success didn’t last long and price broke down to the session low at 90.65. The rally stalled just below resistance at 92.375 and the breakdown to the low stalled just above support at 90.40. After making the low, …
Pure Hedge – Livestock and Grain
7/17/24 The Cattle Markets were mixed today. August’24 Live Cattle were 1.60 higher today and settled at 184.27 ½. Today’s high was 184.57 ½ and the 1-month high is 188.25. Today’s low was 181.77 ½ and the 1-month low is 180.35. Since 6/17 August’24 Live Cattle are 1.60 higher or almost 1%. The Feeders led the way higher. August’24 Feeder …
Grain Spreads: Limp Bounce For Soybeans
Commentary In my opinion, beans have more room to the downside near term. Since July 5th, the market has broken 93 cents on good weather and weak outside markets like corn and wheat. Funds are now record short close to 200K short. One of our downside targets got hit at 10.38, making a low of 1037.2. That level represents 20% …
July Gold 2024
If you have physical Gold or have an investment interest in Precious Metals here is an interesting bit of data I came across. The Chinese who in my opinion are the World’s number one consumer and producer in Gold have been said to be out of the physical market for the last two months. They all but said so in …
Hogs Falter After Early Rally
August Lean Hogs opened higher and rallied to the session high at 89.80. The rally took price through the declining 21-DMA now at 89.40 but it was unable to stay above it. It broke down and traded to the session low at 88.075 and settled near the low at 88.425. The breakdown took price below support at 88.325 with settlement …