December Lean Hogs opened lower, rallied to the high of the session at 77.025, and then broke down to the low at 75.775. It consolidated the rest of the session and settled at 76.15. The rally to the high negated the Tweezer Top formation and is a new high for the up move, but the price action stalled to the …
Pure Hedge – Livestock and Grain
10/4/24 The Livestock Markets were mixed, as the Cattle Markets continued higher again today. December’24 Live Cattle was 60 cents lower today and settled at 187.00. Today’s high was 187.35 and the 1-month high is 187.90. Today’s low was 186.10 and the 1-month low is 173.50. Since 9/4 December’24 Live Cattle are 8.15 higher or about 5 ½%. The Feeders …
Grain Spreads: Turn Around in Soymeal
Commentary As of this past Tuesday managed funds per CFTC were net long over 100K contracts. Last time we saw funds push this aggressive of a long was late Spring (June 24) and prices plummeted from almost 390 to 3.00. See chart below. This week saw December Soymeal, the most actively traded contract, tick above 350.0 for a NY minute …
Crude Oil Surges Over 5%, Hits 1-Month High – WTI Commentary
The Nov WTI (CLX24) trading session settled at 73.71 (+3.61) [+5.15%], had a high of 74.09, a low of 70.52. Cash price is at 70.14 (+0.33), while open interest for CLX24 is at 308,702. CLX settled above its 5 day (70.06), its 20 day (69.16), its 50 day (71.82), ((CLX broke through its 50 day MA to the upside today)), …
Hogs Form Tweezer Top
December Lean Hogs opened lower, traded down to the low of the day at 75.025, and then raced higher to the high at 76.80. It consolidated the rest of the session and settled at 76.40. The early breakdown took price below support at 76.175, 75.60 and the declining 13-DMA now at 75.175. The rally stopped at Wednesday’s high and was …
Grain Spreads: Shorts Cover in Wheat
Commentary Funds continue to abandon their net short in wheat across the Board and are nearing parity in the managed category for all three classes. Like corn and beans, it appears funds want out ahead of some uncertainties even though US production of corn and beans are record large. Demand is tepid at best, but the market continues to rally …
Pure Hedge – Livestock and Grain
10/2/24 The Livestock Markets had a strong move higher. The Fats took off today. December’24 Live Cattle was 2.52 ½ higher today and settled at 187.70. Today’s high was 187.75 and that is the new 1-month high as well. Today’s low was 185.02 ½ and the 1-month low is 173.50. Since 8/30 December’24 Live Cattle are 10.15 higher or almost …
Crude Oil Continues Its Gains – Commentary
The Nov WTI trading session settled at 70.10 (+0.27) [+0.39%], had a high of 72.49, a low of 69.87. Cash price is at 689.81 (+1.67), while open interest for CLX24 is at 305,581. CLX settled above its 5 day (68.96), its 20 day (68.92), but below its 50 day (71.86), and its 200 day (74.87) moving-averages. The COT report (Futures …
Crude Oil Skyrockets Off Iranian Rockets – WTI Commentary
The Nov WTI trading session settled at 69.83(+1.66) [+2.44%], had a high of 71.94, a low of 66.33. Cash price is at 68.14(+0.01), while open interest for CLX24 is at 318,997. CLX settled above its 5 day (68.71), its 20 day (68.80), ((Crude broke through to the upside on it’s 5 and 20 day MA)), but below it’s 50 day …