The Oct WTI trading session settled at 65.75 (-2.96), had a high of 69.08, a low of 65.27. Cash price is at 68.70 (+1.07), while open interest came in at 242,556. Lower on the day by -4.31% CLV traded below its 200 day (77.54), its 50 day (76.79), its 20 day (73.26) and its 7 day (69.39) moving averages. The …
Pure Hedge – Livestock and Grain
9/9/24 The Cattle and Soybean Markets bounced higher today, and it looked like a great selling opportunity. What did you think I was going to say… I feel both of these markets could be lower by the end of the week. If I thought the Cattle would rally, I would say something about it, but I just don’t see it …
Hogs Lower, Cattle Markets Surge
October Lean Hogs opened higher, ticked to the high of the day at 80.025 and then broke down to the low at 78.475, consolidating near the low the rest of the session to settle at 78.80. From a technical viewpoint, futures blipped above resistance at 79.80 and then broke down below support at 78.80 to settle right on the support …
WTI – 9/9/24
The Oct WTI trading session settled at 68.71(+1.04), had a high of 68.96, a low of 67.31. Cash price is at 67.63 (-1.51), while open interest came in at 249,665. Lower on the day by 1.54% CLV traded below its 200 day (77.6), its 50 day (77.09), its 20 day (73.92) and its 7 day (70.73) moving averages. Crude recovered …
Grain Spreads: Bean Hedge
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 …