Pure Hedge - Grain - Walsh Trading

10/21/23

The grain markets were all lower Friday, but still advanced for the week. November’23 soybeans dropped 13 1/4 cents Friday and settled at 1302 1/4, still a gain of 22 cents for the week. December’23 corn was down 9 1/2 cents Friday and settled at 495 1/2, a small gain of 2 1/4 cents for the week. December’23 wheat lost 8 cents Friday and settled at 586, a gain of 6 1/4 cents for the week. Grain prices have all declined this calendar year. Since the first of the year November’23 soybeans are down over 8% or $1.14 1/2. December’23 corn in down $1.15 1/4, just short of 19% YTD. December’23 wheat has had the biggest move for the calendar year down over 28%, or $2.34 1/4. As a percentage move, wheat is down 3.5 times more than soybeans this year. In my opinion soybeans can break another 15%, and if that happened, it would put July’24 soybeans at 1148. I feel that the corn market could break with the soybeans as well. However, I think there is upside in the wheat market. Next year’s prices: August’24 soybeans 1332 1/4, September’24 corn 517 1/4, September’24 wheat 659 1/4.

SOYBEAN CALLS

MONTH	STRIKE	PRICE	COST
NOV’23 1302 1/4	1300C	13 1/8	$656.25
	1350C	3/4	$37.50
	1400C	1/8	$6.25
	1450C	1/8	$6.25
	1500C	1/8	$6.25
	ATM 1320C 13 1/8	ATM STRADDLE 24	EXPIRES 10/27/23
MAR’24 1331	1400C	27 1/2	$1,375
	1460C	15 1/4	$762.50
	1500C	10 1/4	$512.50
	1560C	5 3/4	$287.50
	1600C	4	$200
	ATM 1320C 57 5/8	ATM STRADDLE 104 3/8	EXPIRES 2/23/24
JUL’24 1350 3/4	1400C	55 3/8	$2,768.75
	1460C	38 1/8	$1,906.25
	1500C	29 3/4	$1,487.50
	1560C	20 3/8	$1,018.75
	1600C	15 7/8	$793.75
	ATM 1340C 79 5/8	ATM STRADDLE 148.75	EXPIRES 6/21/24

SOYBEAN PUTS

MONTH	STRIKE	PRICE	COST
NOV’23 1302 1/4	1200P	3/8	$18.75
	1150P	1/8	$6.25
	1100P	1/8	$6.25
	1050P	1/8	$6.25
	1000P	1/8	$6.25
	ATM 1280P 10 7/8	ATM STRADDLE 24	EXPIRES 10/27/23
MAR’24 1331	1200P	10 1/8	$506.25
	1160P	5 3/4	$287.50
	1100P	2 3/4	$137.50
	1060P	1 3/4	$87.50
	1000P	1	$50
	ATM 1320P 57 5/8	ATM STRADDLE 104 3/8	EXPIRES 2/23/24
JUL’24 1350 3/4	1260P	35 5/8	$1,781.25
	1200P	19 1/2	$975
	1160P	12 5/8	$631.25
	1100P	6 5/8	$331.25
	1060P	4 3/8	$218.75
	ATM 1340P 69 1/8	ATM STRADDLE 148 3/4	EXPIRES 6/21/24

AUGUST’24 SOYBEANS

CURRENT PRICE	PRICE ACTION	PRICE AFTER MOVE	STRIKE	CURRENT PRICE
1332 1/4	20% BULL MOVE	1598 3/4	1580C	19 3/4
1332 1/4	20% BEAR MOVE	1065 3/4	1080p	8 3/8
1332 1/4	30% BULL MOVE	1731 3/4	1720C	9 3/8
1332 1/4	30% BEAR MOVE	932 1/2	940P	2 1/4
1332 1/4	40% BULL MOVE	1865 1/4	1860C	4 7/8
1332 1/4	40% BEAR MOVE	799 1/4	800P	5/8

CURRENT PRICE REFLECTS TODAYS SETTLEMENT PRICE ONLY AND WILL CHANGE OVER TIME AND WITH VOLATILITY. THERE IS SUBSTANTIAL RISK OF LOSS TRADING FUTURES AND OPTIONS.

CORN CALLS

MONTH	STRIKE	PRICE	COST
DEC’23 495 1/2	500C	9 5/8	$481.25
	550C	1 3/8	$68.75
	600C	3/8	$18.75
	650C	1/8	$6.25
	700C	1/8	$6.25
	ATM 500C 9 5/8	ATM STRADDLE 23 5/8	EXPIRES 11/24/23
MAR’24 509	550C	9 3/8	$468.75
	600C	3 1/4	$162.50
	650C	1 1/2	$75
	700C	3/4	$37.50
	750C	1/2	$25
	ATM 510C 22 1/4	ATM STRADDLE 45 1/2	EXPIRES 2/23/24
JUL’24 521 3/4	550C	24 7/8	$1,243.75
	600C	13	$650
	650C	7	$350
	700C	4 1/8	$206.25
	750C	2 1/2	$125
	ATM 520C 36 3/8	ATM STRADDLE 71	EXPIRES 6/21/24

CORN PUTS

MONTH	STRIKE	PRICE	COST
DEC’23 495 1/2	475P	5 1/4	$262.50
	450P	1 1/2	$75
	425P	1/2	$25
	400P	1/8	$6.25
	350P	1/8	$6.25
	ATM 500P 14	ATM STRADDLE 23 5/8	EXPIRES 11/24/23
MAR’24 509	470P	8 1/4	$412.50
	450P	4 3/8	$218.75
	400P	7/8	$43.75
	370P	3/8	$18.75
	350P	1/4	$12.50
	ATM 510P 22 1/2	ATM STRADDLE 45 1/2	EXPIRES 2/23/24
JUL’24 521 3/4	470P	13 5/8	$681.25
	450P	8 5/8	$431.25
	400P	2 1/2	$125
	350P	5/8	$31.25
	300P	1/8	$6.25
	ATM 520P 34 5/8	ATM STRADDLE 71	EXPIRES 6/21/24

SEPTEMBER’24 CORN

CURRENT PRICE	PRICE ACTION	PRICE AFTER MOVE	STRIKE	CURRENT PRICE
517 1/4	20% BULL MOVE	620 3/4	620C	13 5/8
517 1/4	20% BEAR MOVE	413 3/4	420P	6 7/8
517 1/4	30% BULL MOVE	672 1/2	670C	8 1/4
517 1/4	30% BEAR MOVE	362 1/8	370P	2 1/8
517 1/4	40% BULL MOVE	724 1/4	720C	5 1/4
517 1/4	40% BEAR MOVE	310 1/2	320P	5/8

CURRENT PRICE REFLECTS TODAYS SETTLEMENT PRICE ONLY AND WILL CHANGE OVER TIME AND WITH VOLATILITY. THERE IS SUBSTANTIAL RISK OF LOSS TRADING FUTURES AND OPTIONS

WHEAT CALLS

MONTH	STRIKE	PRICE	COST
DEC’23 586	600C	15 3/4	$787.50
	650C	5 3/4	$287.50
	700C	2 3/8	$118.75
	750C	1 1/4	$62.50
	800C	3/4	$37.50
	ATM 580C 24	ATM STRADDLE 42	EXPIRES 11/24/23
MAR’24 613 1/2	650C	26 7/8	$1,343.75
	700C	16 3/8	$818.75
	750C	10 3/8	$518.75
	800C	7	$350
	850C	4 7/8	$243.75
	ATM 610C 40 5/8	ATM STRADDLE 77 7/8	EXPIRES 2/23/24
JUL’24 645 1/2	700C	37 5/8	$1,881.25
	750C	26 3/4	$1,337.50
	800C	19 1/2	$975
	850C	14 1/2	$725
	900C	11	$550
	ATM 640C 58 1/8	ATM STRADDLE 110 7/8	EXPIRES 6/21/24

WHEAT PUTS

MONTH	STRIKE	PRICE	COST
DEC’23 586	550P	6 7/8	$343.75
	525P	2 3/4	$137.50
	500P	1 1/8	$56.25
	450P	1/4	$12.50
	400P	1/8	$6.25
	ATM 580P 18	ATM STRADDLE 42	EXPIRES 11/24/23
MAR’24 613 1/2	550P	12 1/8	$606.25
	500P	3 3/4	$187.50
	450P	1 1/8	$56.25
	400P	3/8	$18.75
	350P	1/8	$6.25
	ATM 610P 37 1/4	ATM STRADDLE 77 7/8	EXPIRES 2/23/24
JUL’24 645 1/2	600P	32 7/8	$1,643.75
	550P	15 3/8	$768.75
	500P	6	$300
	450P	2 1/8	$106.25
	400P	3/4	$37.50
	ATM 640P 52 3/4	ATM STRADDLE 110 7/8	EXPIRES 6/21/24

SEPTEMBER’24 WHEAT

CURRENT PRICE	PRICE ACTION	PRICE AFTER MOVE	STRIKE	CURRENT PRICE
659 1/4	20% BULL MOVE	791 1/8	770C	32 1/4
659 1/4	20% BEAR MOVE	527 1/2	520P	9 7/8
659 1/4	30% BULL MOVE	857	840C	21 3/4
659 1/4	30% BEAR MOVE	461 1/2	460P	3 1/8
659 1/4	40% BULL MOVE	923	900C	15 7/8
659 1/4	40% BEAR MOVE	395 1/2	390P	1/2

CURRENT PRICE REFLECTS TODAYS SETTLEMENT PRICE ONLY AND WILL CHANGE OVER TIME AND WITH VOLATILITY. THERE IS SUBSTANTIAL RISK OF LOSS TRADING FUTURES AND OPTIONS.

Bill Allen
Senior Account Executive, Walsh Trading

Phone: 312-957-8079 or 800-556-9411
Email: [email protected]

www.walshtrading.com

Walsh Trading
53 W Jackson Suite 750
Chicago, Il 60604