Commentary Despite downside reversals in Corn and Soybeans Friday, dips were bought today across the grain board. Corn was dragged higher by the soybean complex and closed 1 penny higher for the day. Harvest is proceeding in the Midwest, though it is scattered but concentrated enough in the South to post a harvest number of 5 percent complete. Demand in …
Walsh Gamma Trader
9/9/24 COMMODITY BUY/SELL COST PER CONTRACT EXPIRATION GRAINS MAR’25 SOYBEAN MEAL BUY 270P 1.90 or $190.00/Contract 165 Days – 2/21/25 MAY’25 CORN BUY 500C 7 7/8 or $393.75/Contract 228 Days – 4/25/25 MAR’25 SOYBEANS BUY 880P 4 ½ or $225.00/Contract 165 Days – 2/21/25 DEC’24 WHEAT BUY 600C 14 3/8 or $718.75/Contract 74 Days – 11/22/24 LIVESTOCK …
Cattle Prices Tumble, Hog prices Lower
October Lean Hogs opened lower, turned higher and traded to the high of the day at 81.30. The bounce took price just past resistance at the declining 50-DMA now at 80.95, stalling just below the 81.70 resistance level. The price action turned lower, and it broke down the rest of the session to the low at 79.425. The breakdown took …
State of Confusion in Cattle
The cash market has been breaking down the past month as packers have regained control of the price action, in my opinion. The Equity markets have been under pressure as traders worry about economic conditions. Cattle and Feeder cattle are still relatively close to their all-time highs as the rest of the commodity markets for the most part is well …
Pure Hedge – Livestock and Grain
9/6/24 The Soybean and Cattle Markets were pounded lower today, and it’s not over yet. The Fats dropped over 2 bucks. Today the October’24 Live Cattle were 2.07 ½ lower and settled at 175.17 ½. Today’s high was 177.97 ½ and the 1-month high is 182.52 ½. Today’s low was 174.92 ½ and the 1-month low is 173.72 ½. The …
WTI – 9/5/24
The Oct WTI trading session closed at 69.15, had a high of 70.82, a low of 68.75, and cash price is at 69.16(-2.28), while open interest came in at 259,532. Lower on the day by -0.05(-0.07%). CLV traded below its 50 day (77.61), its 20 day (74.74) and its 7 day (72.66) moving averages. As I speculated here last …
Hogs Weaken, Trade down to Support
October Lean Hogs gap opened lower and traded down to the low of the day at 80.45. The low was right on the 80.45 support level and bulls came in and raced price higher. It traded up to the high of the day at 81.775, closing the gap and this was just above the key level at 81.70 which provided …
Pure Hedge – Livestock and Grain
9/5/24 – Afternoon The Livestock Markets headed South today, with the Fats down almost 2 dollars and the Feeders down nearly 3 dollars. Reports of Anthrax killing Cattle in Wyoming surfaced this morning and that did not help the Cattle Markets. The October’24 Live Cattle were 1.97 ½ lower today and settled at 177.25. The October’24 Feeders were 2.87 ½ …
Pure Hedge – Livestock and Grain
9/5/24 – Morning The Cattle Markets have bounced since the monthly low was established in the Feeders. However, I believe the Cattle Markets will retest the lows and see if the Fats can trade through the 52-week low, just like the Feeders did. The 52-week low in the October’24 Live Cattle is 168.50. For the October’24 Feeder Cattle the 1-month …
WTI – 9/4/24
The Oct WTI trading session closed at 69.20, had a high of 71.46, a low of 6 and cash price is at 70.34 (-3.24), while open interest came in at 270,539. Lower on the day by -1.14 (-1.62%). CLV traded below its 50 day (77.84), its 20 day (75.04) and its 7 day (73.78) moving averages. Took out the $70 …