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 …
Grain Spreads: Wheat Leads Rally
Commentary The short covering is all the rage in the grain markets lately, with wheat leading the way while breaking out of the range that has contained it since July. Fundamentally, there isn’t a reason in my opinion that has abruptly entered into the market as Russian values hold steady and there are large tenders upcoming. Drought in portions of …
WTI-CLV 9/3/24
The Oct WTI trading session closed at 70.22, had a high of 74.41, a low of 70.1 and cash price is at 73.57 (-2.38), while open interest came in at 271,991. Lower on the day by a whopping -3.33(4.53%). CLV traded below its 50 day (78.09), its 20 day (75.23) and its 7 day (74.6) moving averages. We’ve now traded …