October Lean Hogs opened lower and made the session low at 74.75. The low was just below support at the flattening 8-DMA now at 74.875. Price reversed from here and traded to the high at 77.275. The rally stalled below resistance at 77.80 and dipped lower to settle at 76.80. The rally was a reversal of the breakdown on Friday, …
Pure Hedge – Livestock and Grain
8/16/24 The Cattle Markets continued their expected decline today. The Fats were down 4 dollars on the lows. October’24 Live Cattle were 2.45 lower today and settled at 187.30. Today’s high was 181.07 1.2 and the 1-month high is 189.05. Today’s low was 176.75 and the 1-month low is 176.20. The current 52-week low is 168.50. Since 7/16 October’24 Live …
Grain Spreads: Rallies Sold
Commentary USDA’s estimate of 2024 U.S. soybean production at 4.589 billion bu. smashed the pre report average by 120 million bushels on Monday which in my opinion exerted fresh downward pressure on prices. And weather forecasts suggest as of now that there’s little reason to think late-summer conditions will diminish the estimated total. What is perhaps more discouraging is the …
Feeder Cattle Call to Action
Packers have been able to knock down cattle prices up North bringing them closer to the south. Last week Live prices ranged from 185.00 to 194.00. We’ve seen the Feeder Index fall as futures prices collapsed as cattle buyers pulled back and were able to get cheaper prices. No sales have climbed as sellers balk at low prices. Sellers have …
Hogs Rally
October Lean Hogs opened lower and traded to the session low at 74.825. The low was just above support at the flattening 8-DMA now at 74.725. Price reversed from here and traded to the high at 76.875. The high tested resistance at the declining 21-DMA at 76.475, getting just above it and then price drifted into the close and settled …
Pure Hedge – Livestock and Grain
8/14/24 The Livestock Markets were all higher today. The Fats gained over a dollar. October’24 Live Cattle were 1.37 ½ higher today and settle at 182.12 ½. Today’s high was 182.40 and the 1-month high is 189.05. Today’s low was 180.45 and the 1-month low is 176.20. Since 7/12 October’24 Live Cattle are 1.95 lower or just over 1%. The …
Grain Spreads Crop Potential
Commentary Corn tagged along with the soybean market again in what appears to be a recovery bounce for the grain and oilseed markets today, following recent losses. Selling slowed today for corn with the market nestling back to the 4.00 area which represents 15 percent lower on year. We also may have seen some bottom picking or end user buying …
Grain Spreads: How Big Can this Crop Get?
Commentary Although corn’s yield posted another record high this month per USDA at 183.1, corn futures rallied off of key support and settled back above 4.00. Managed money bought back 16K contracts today as markets short covered due the fact ending stocks for corn came in at 2.073 billion bushels vs the average trade guess at 2.119 bushels. What prompted …
Cattle Markets Fall Back
September Feeder Cattle opened higher and traded to the high of the day at 242.65. It reversed course and traded lower the rest of the session to the low at 239.15. It settled near the low at 239.50. The early strength challenged resistance at the declining 8-DMA now at 242.30 and resistance at 242.475. Resistance held and price retraced about …
Pure Hedge – Livestock and Grain
8/12/24 The Cattle Markets may have bounced on Friday, but that was another opportunity to sell into strength. After taking a fresh look at the Cattle Markets, it reinforced my Bearish Market opinion. Today October’24 Live Cattle were 1.12 ½ lower and settled at 180.02 ½. Today’s high was 181.50 and the 1-month high is 189.05. Today’s low was …