The crude oil and natural gas are two markets that have underperformed of late in our opinion and remain tethered to the $67.00-$70.00 per barrel threshold in crude while Summer 2025 natural gas can’t escape much above the 3.00-3.20 level. I’m attaching 4 trades for consideration into 2025, 2 conservative and 2 aggressive for Natural Gas and Crude. It is …
Hogs and Cattle Drift
December Lean Hogs opened lower, rallied to the high of the session at 93.80, and then broke down to the low at 72.40. It consolidated the rest of the session and settled at 73.275. It was a new low for the recent decline, testing support at 72.80 and holding with settlement above it. The cash market continues to meander to …
Crude Oil Commentary
The Nov WTI trading session settled at 68.17(-0.01) [-0.01%], had a high of 69.32, a low of 67.57. Cash price is at 68.13(+0.46), while open interest for CLX24 is at 329,816. CLX settled below its 5 day (69.18) , its 20 day (68.82), 50 day (72.09), and its 200 day (74.88) moving-averages. The COT report (Futures and Options Summary) as …
Pure Hedge – Livestock and Grain
9/30/24 The Livestock and Grain Markets closed mixed today. The Fats ended the day slightly higher. December’24 Live Cattle was 32 ½ cents higher today and settled at 184.80. Today’s high was 185.20 and the 1-month high is 185.60. Today’s low was 183.97 ½ and the 1-month low is 173.50. Since 8/30 December’24 Live Cattle are 7.35 higher or more …
Grain Spreads: Beams Dip Slightly
Commentary The Quarterly Grain Stocks report showed September 1 soybean stocks at 342 million bushels (the highest since 2020) versus an average expectation of 347 million bushels and a range of expectations from 323to 360 million. September 1, 2023, stocks were 264 million bushels. On- farm soybean stocks were 111 million bushels, up 54% from a year ago. Off-farm stocks …
Walsh Gamma Trader
9/30/24 COMMODITY BUY/SELL COST PER CONTRACT EXPIRATION GRAINS MAR’25 SOYBEAN MEAL BUY 300P 3.40 or $340.00/Contract 144 Days – 2/21/25 MAY’25 CORN BUY 490C 10 or $500.00/Contract 207 Days – 4/25/25 MAR’25 SOYBEANS BUY 940P 6 or $300.00/Contract 144 Days – 2/21/25 MAY’25 WHEAT BUY 750C 14 or $700.00/Contract 207 Days – 4/25/25 LIVESTOCK …
Livestock Markets Can’t Sustain Early Rallies
December Lean Hogs opened lower, rallied to the high of the session at 75.075, and then broke down to the low at 72.60. It settled at 73.375. The trade formed an outside day candle as its high and low overlapped the previous day’s range. The rally stopped shy of resistance at 75.60 and settlement was above support. Confusion reigns in …
Pure Hedge – Livestock and Grain
9/27/24 The Soybeans shot higher today and had a wide 35 ¼ cent range, while the Livestock Markets were mixed. The Fats ended the day a little lower. December’24 Live Cattle was 35 cents lower today and settled at 184.47 ½. Today’s high was 185.60 and that is the new 1-month high as well. Today’s low was 184.30 and the …
A Rout in Crude – WTI Crude Commentary
The Nov WTI trading session settled at 67.67(-2.02) [-2.90%], had a high of 70.01, a low of 66.95. Cash price is at 69.67(-1.91), while open interest for CLX24 is at 337,946. CLX settled below its 7 day (70.18) , its 20 day (70.02), 50 day (73.75), and its 200 day (77.3) moving-averages. The COT report (Futures and Options Summary) as …
Hogs Trade Lower in Front of Hogs and Pigs Report
December Lean Hogs opened lower, traded up to the high of the day at 74.90(which was the previous day’s settlement) and then fell apart, trading down to the session low at 72.80. It consolidated the rest of the session and settled at 73.925. I believe the drop in price came about as traders lightened positions in front of the Quarterly …