Commentary Profit taking in corn and beans today was seen in my opinion, especially for corn following a new contract low at 3.85. Beans are showing some life here, but I’m not convinced yet that this rally is sustainable. China was very active last week and the week prior for bean purchases for future shipment. One issue is the amounts …
Crude CLV24
The Oct WTI trading session had a high of 77.48 and a low of 75.4 and closed at 75.53, cash price is at 77.45, while open interest came in at 328,534. Lowering on the day by 1.89 (2.44%). CLV briefly traded above its 50 day moving average (77.4) before trading back below, CLV closed above its 20 day (74.99) and …
Hogs Make New high, Cattle Markets Bounce Back
October Lean Hogs opened higher and rallied to the high at 81.45. The rally stalled just below resistance at 81.70 and retreated. It made its way lower, making the low at 79.775 and the working back to the middle of the range to settle at 80.40. The down move took price back below support at 80.45 and 79.80. It formed …
Pure Hedge – Livestock and Grain
8/26/24 I feel there will be very different price action tomorrow, and if you are short the Soybean or Cattle Markets, stay short, and if you are long the Corn or Wheat Markets stay long. Other than opportunity to sell into strength, the Cattle Markets closed well off the highs of the day, and the Soybeans traded into the 980’s …
Hogs higher, Cattle Markets Rest in Front of COF Report
October Lean Hogs opened higher and made the session low at 79.45. It grinded higher the rest of the session to the high at 80.924. It settled near the high at 80.55. The rally took price past resistance at 80.45 as the high and settlement was above it. Hogs continue to surprise with its positive price action, diverging from the …
Hogs Surge After a Weak Opening
October Lean Hogs gap opened lower and made the session low at 74.925. The low was below support at 75.60 and looked like it was going to break down to support at 74.25. It was threatening the lows from this recent consolidation with the August 16th low at 74.675 the value needed to get taken out. But bearish traders couldn’t …
Grain Spreads: Tight Range Corn
Commentary Second day in a row that corn traded in a very narrow 4 cent range. Lack of conviction on both sides as the market possibly awaits Pro Farmers findings later in the week. There were mixed results on Monday in Ohio and South Dakota. However Pro Farmer sample averages broke tour records yesterday. Indiana’s sample average is 187.5 bushel …
Walsh Gamma Trader
8/21/24 COMMODITY BUY/SELL COST PER CONTRACT EXPIRATION GRAINS JAN’25 SOYBEAN MEAL BUY 270P 1.75 or $175.00/Contract 128 Days – 12/27/24 MAY’25 CORN BUY 500C 3 or $150.00/Contract 247 Days – 4/25/25 JAN’25 SOYBEANS BUY 860P 2 7/8 or $156.25/Contract 128 Days – 12/27/24 NOV’24 WHEAT BUY 650P 3 3/4 or $187.50/Contract 65 Days – 10/25/24 LIVESTOCK APR’25 LIVE CATTLE BUY …
Grain Spreads: Bean Counting
Soybean demand has been missing recently up until this week. This is the 2nd day in a row of morning flash sales as China bought an additional 132,000 metric tons of US new crop beans and Mexico bought 239,492 metric tons. Yesterday USDA reported 332,000 metric tons of soybeans received in the reporting period for delivery to China during the …
Pure Hedge – Livestock and Grain
8/20/24 I have done my best to show the downside potential in the Cattle Markets. A lot of people disagreed with me, but that was about $25 dollars ago. We will see how the Feeders act if they get through my September’24 number of 231.50. September’24 Feeders made new 52-week lows today, when they traded down to 232.80, and if …