The information and opinions expressed below are based on my analysis of price behavior and chart activity Thursday, November 14, 2024 February Lean Hogs Lean Hog futures dropped aggressively today, shedding 2.25 to close at 83.775. This was the worst performing market in the Grains and Livestock complexes today, narrowly outdoing Soybeans for a percent decline on the day. Very …
Hogs Fall
For those interested I hold a weekly livestock webinar on Tuesdays and my next webinar will be Tuesday, November 19, 2024, at 3:15 pm. It is free for anyone who wants to sign up and the link for sign up is below. If you cannot attend live a recording will be sent to your email upon completion of the webinar. …
The Energy Election
Commentary In May of 2018, President Trump pulled out of the Iranian nuclear deal. The result was Iranian crude oil fell from more than 3.8 million barrels per day to roughly 2.1 million barrels a day while enforcing sanctions on Iran. That production climbed back to 3.2 Mbpd during the Biden Administration, with actual exports of 1.7 Mbpd. It is …
Pure Hedge – Livestock and Grain
11/13/24 If you would like to receive more information on the commodity markets, please use the link to join my email list Sign Up Now The Livestock Markets were mixed today, with the Feeders staying positive. December’24 Live Cattle were 37 ½ cents lower today and settled at 184.02 ½. Today’s high was 184.62 ½ and the 1-month high is …
Chart of the Day – January Soybeans
The information and opinions expressed below are based on my analysis of price behavior and chart activity Tuesday, November 12, 2024 January Soybeans This week, the January Soybean contract has been working it’s way lower, following last Friday’s monthly USDA report. Prices did get up to 10.44 after the report was released, but a lack of “new” news has subsequently …
Crude Oil Consolidates Above Resistance Line – WTI Crude Oil
The December WTI (CLZ24) trading session settled at 68.43 (+0.31) [+0.46%], had a high of 68.86, a low of 66.94. Cash price is at 68.13 (+0.06), while open interest for CLZ24 is at 169,247. CLZ settled below 5 day (69.38), below its 20 day (69.87) , below its 50 day (69.89), below its 100 day (72.53) and below its 200 …
Crude Oil Support Line Still Holding, OPEC+ Lowers Forecast – WTI Crude Oil 11/12/24
The December WTI (CLZ24) trading session settled at 68.05 (-0.12) [-0.12%], had a high of 69.13, a low of 67.75. Cash price is at 68.07 (-2.32), while open interest for CLZ24 is at 197,298. CLZ settled below 5 day (69.38), below its 20 day (69.86), below its 50 day (69.89), below its 100 day (72.53) and below its 200 day …
Chart of the Day – December Wheat
December Wheat The information and opinions expressed below are based on my analysis of price behavior and chart activity Tuesday, November 12, 2024 December Wheat tested the 5.50 mark today, posting a low of 5.49 before settling down 13 ¼ on that day at 5.52 ¼. The week has started on a bearish note yesterday, with prices dropping to 5.51 …
Grain Spreads: Lock in May 470 Corn
Please join me for a free grain webinar every Thursday at 3pm Central. We discuss supply, demand, weather, and the charts. Sign Up Now Commentary The Weekly Grain Export Inspections report showed 31.2 million bushels of corn, 83.7 mil bushels of soybeans, and 12.8 mil bushels of wheat inspected for export during the week ending November 7. Mexico is the …
SPECIAL REPORT: Play the Long Game in Natural Gas
The following is my analysis of current global trends and how they may impact the natural gas market. The real driver of economic growth over the past century has been technology. There has over the past two decades a push by G7 nations to look for alternative and renewable energy sources and eliminate their reliance on fossil. Europe has been …