11/3/23
The grain market was higher today but mixed for the week. Soybeans led the way today. January’24 soybeans were up 23 1/2 cents today and settled at 1351 3/4, that’s a gain of 32 1/4 cents for the week. December’23 corn also rose 7 1/4 cents today, and settled at 477 1/4, but were 3 1/2 cents lower for the week. December’23 wheat also gained 7 cents today, and settled at 572 1/2, still a loss of 3 cents for the week. Over the past month (since 10/3/23) Jan’24 soybeans have climbed 59 cents, or a gain of 4 1/2%, but are still down 65 1/4 cents or 4 1/2% YTD. December’23 corn fell 9 cents over the same month period, or almost 2%, and have dropped $1.32 1/4 or more than 21% YTD. December’23 wheat had a slight gain of 3 3/4 cents over the same month time frame but has collapsed from the beginning of this year. December’23 wheat is down $2.48 YTD, that’s a loss of more than 30%. I still feel that the soybeans are over bought, and I think they will start to head lower. I would not be surprised if the Jan’24 soybeans headed to or below the $13.00 level. I think the corn will break as well and in my opinion, there is still upside in the wheat market, especially with the turmoil in the Black Sea Region. Next year’s prices: August’24 Soybeans 1363, September’24 Corn 512 1/2, September’24 Wheat 645 3/4.
SOYBEAN CALLS
| MONTH | STRIKE | PRICE | COST |
| JAN’24 1351 3/4 | 1400C | 15 3/8 | $768.75 |
| 1500C | 3 | $150 | |
| 1600C | 3/4 | $37.50 | |
| ATM 1350C 33 1/4 | ATM STRADDLE 64 3/4 | EXPIRES 12/22/23 | |
| MAR’24 1366 1/2 | 1500C | 14 1/4 | $712.50 |
| 1600C | 5 3/8 | $281.25 | |
| 1700C | 2 1/4 | $112.50 | |
| ATM 1360C 54 1/2 | ATM STRADDLE 102 1/2 | EXPIRES 2/23/24 | |
| JUL’24 1384 1/4 | 1500C | 38 3/4 | $1,937.50 |
| 1600C | 21 1/8 | $1,056.25 | |
| 1700C | 11 5/8 | $581.25 | |
| ATM 1380C 78 5/8 | ATM STRADDLE 153 1/8 | EXPIRES 6/21/24 |
SOYBEAN PUTS
| MONTH | STRIKE | PRICE | COST |
| JAN’24 1351 3/4 | 1300P | 12 1/4 | $612.50 |
| 1250P | 4 1/8 | $206.25 | |
| 1200P | 1 1/2 | $75 | |
| ATM 1350P 31 1/2 | ATM STRADDLE 64 3/4 | EXPIRES 12/22/23 | |
| MAR’24 1366 1/2 | 1260P | 13 5/8 | $681.25 |
| 1200P | 5 7/8 | $293.75 | |
| 1160P | 3 5/8 | $181.25 | |
| ATM 1360P 48 | ATM STRADDLE 102 1/2 | EXPIRES 2/23/24 | |
| JUL’24 1384 1/4 | 1260P | 27 1/8 | $1,356.25 |
| 1200P | 14 7/8 | $743.75 | |
| 1160P | 9 7/8 | $493.75 | |
| ATM 1380P 74 1/2 | ATM STRADDLE 153 1/8 | EXPIRES 6/21/24 |
AUGUST’24 SOYBEANS
| CURRENT PRICE | PRICE ACTION | PRICE AFTER MOVE | STRIKE | CURRENT PRICE |
| 1363 | 20% BULL MOVE | 1635 5/8 | 1620C | 20 3/8 |
| 1363 | 20% BEAR MOVE | 1090 3/8 | 1100P | 8 3/8 |
| 1363 | 30% BULL MOVE | 1771 7/8 | 1760C | 9 3/4 |
| 1363 | 30% BEAR MOVE | 954 1/8 | 960P | 2 1/4 |
| 1363 | 40% BULL MOVE | 1908 1/4 | 1900C | 5 1/8 |
| 1363 | 40% BEAR MOVE | 917 3/4 | 920P | 1 5/8 |
CORN CALLS
| MONTH | STRIKE | PRICE | COST |
| DEC’23 477 1/4 | 500C | 1 7/8 | $93.75 |
| 520C | 5/8 | $31.25 | |
| 560C | 1/8 | $6.25 | |
| ATM 480C 6 7/8 | ATM STRADDLE 16 1/2 | EXPIRES 11/24/23 | |
| MAR’24 492 1/4 | 540C | 4 7/8 | $243.75 |
| 560C | 1 5/8 | $81.25 | |
| 600C | 3/4 | $37.50 | |
| ATM 490C 20 7/8 | ATM STRADDLE 39 5/8 | EXPIRES 2/23/24 | |
| JUL’24 510 | 550C | 20 | $1,000 |
| 600C | 10 1/4 | $512.50 | |
| 650C | 5 1/2 | $275 | |
| ATM 510C 33 5/8 | ATM STRADDLE 67 1/4 | EXPIRES 6/21/24 |
CORN PUTS
| MONTH | STRIKE | PRICE | COST |
| DEC’23 477 1/4 | 460P | 2 3/8 | $118.75 |
| 450P | 1 1/8 | $56.25 | |
| 440P | 5/8 | $31.25 | |
| ATM 480P 9 5/8 | ATM STRADDLE 16 1/2 | EXPIRES 11/24/23 | |
| MAR’24 492 1/4 | 460P | 7 | $350 |
| 430P | 2 1/4 | $112.50 | |
| 400P | 3/4 | $37.50 | |
| ATM 490P 18 3/4 | ATM STRADDLE 39 5/8 | EXPIRES 2/23/24 | |
| JUL’24 510 | 470P | 15 1/2 | $775 |
| 450P | 9 5/8 | $481.25 | |
| 430P | 5 3/4 | $287.50 | |
| ATM 510P 33 5/8 | ATM STRADDLE 67 1/4 | EXPIRES 6/21/24 |
SEPTEMBER’24 CORN
| CURRENT PRICE | PRICE ACTION | PRICE AFTER MOVE | STRIKE | CURRENT PRICE |
| 512 1/2 | 20% BULL MOVE | 615 | 610C | 14 3/8 |
| 512 1/2 | 20% BEAR MOVE | 410 | 410P | 5 1/2 |
| 512 1/2 | 30% BULL MOVE | 666 1/4 | 660C | 8 5/8 |
| 512 1/2 | 30% BEAR MOVE | 358 3/4 | 360P | 1 5/8 |
| 512 1/2 | 40% BULL MOVE | 717 1/2 | 710C | 5 1/2 |
| 512 1/2 | 40% BEAR MOVE | 307 1/2 | 310P | 3/8 |
WHEAT CALLS
| MONTH | STRIKE | PRICE | COST |
| DEC’23 572 1/2 | 600C | 6 1/8 | $306.25 |
| 650C | 1 1/2 | $75 | |
| 700C | 5/8 | $31.25 | |
| ATM 570C 16 | ATM STRADDLE 29 5/8 | EXPIRES 11/24/23 | |
| MAR’24 599 1/4 | 650C | 20 | $1,000 |
| 700C | 11 7/8 | $593.75 | |
| 750C | 7 1/2 | $375 | |
| ATM 600C 35 1/4 | ATM STRADDLE 71 1/8 | EXPIRES 2/23/24 | |
| JUL’24 632 | 700C | 32 3/8 | $1,618.75 |
| 750C | 23 | $1,150 | |
| 800C | 16 3/4 | $837.50 | |
| ATM 630C 54 1/8 | ATM STRADDLE 106 1/4 | EXPIRES 6/21/24 |
WHEAT PUTS
| MONTH | STRI400PKE | PRICE | COST |
| DEC’23 572 1/2 | 550P | 5 5/8 | $281.25 |
| 540P | 3 1/4 | $162.50 | |
| 520P | 1 1/8 | $56.25 | |
| ATM 570P 13 5/8 | ATM STRADDLE 29 5/8 | EXPIRES 11/24/23 | |
| MAR’24 599 1/4 | 550P | 13 | $650 |
| 520P | 6 | $300 | |
| 500P | 3 3/8 | $168.75 | |
| ATM 600P 35 7/8 | ATM STRADDLE 71 1/8 | EXPIRES 2/23/24 | |
| JUL’24 632 | 600P | 36 3/8 | $1,818.75 |
| 550P | 16 7/8 | $843.75 | |
| 500P | 6 3/8 | $318.75 | |
| ATM 630P 52 1/8 | ATM STRADDLE 106 1/4 | EXPIRES 6/21/24 |
SEPTEMBER’24 WHEAT
| CURRENT PRICE | PRICE ACTION | PRICE AFTER MOVE | STRIKE | CURRENT PRICE |
| 645 3/4 | 20% BULL MOVE | 774 7/8 | 770C | 28 3/8 |
| 645 3/4 | 20% BEAR MOVE | 516 1/2 | 520P | 11 1/8 |
| 645 3/4 | 30% BULL MOVE | 839 1/2 | 830C | 20 1/4 |
| 645 3/4 | 30% BEAR MOVE | 452 1/8 | 460P | 3 3/8 |
| 645 3/4 | 40% BULL MOVE | 904 1/8 | 900C | 14 |
| 645 3/4 | 40% BEAR MOVE | 387 1/2 | 390P | 5/8 |
Bill Allen
Senior Account Executive, Walsh Trading
Phone: 312-957-8079 or 800-556-9411
Email: [email protected]
Walsh Trading
53 W Jackson Suite 750
Chicago, Il 60604