1/12/24
The Live Cattle Market was lower again today. February’24 Live Cattle was 0.425 lower today and settled at 171.375, just above today’s low of 171.050. The 1-month low is 166.925 and the 52-week low is 162.400. Since 12/12 February’24 Live Cattle is up 2.850 or over 1 ½%. The Feeders closed a little higher today. March’24 Feeder Cattle gained 0.300 today and settled in the middle of today’s trading session at 227.700. Today’s high of 229.600 is also the 1-month high. The 1-month low is 117.300 and the 52-week low is 210.625. Since 12/12 March’24 Feeder Cattle are 8.075 higher or over 3 ½%. The Hogs were down again today. March’24 Lean Hogs fell 0.700 today and settled at 71.900 in the middle of the day’s range. The 1-month and 52-week low is 64.575. Since 12/12 February’24 Lean Hogs is 3.900 higher or over 5 ½%. The Beans fell out of bed after the WASDE Report. March’24 Soybeans dropped 12 ¼ cents today and settled at 1224 ¼. The Beans rallied 21 ¼ cents from today’s low of 1203, which is also the 1-month low. THE 52-WEEK LOW IS 1145 ¼. Since 12/12 March’24 Soybeans are down $1.24 or over 9%. The Corn Market followed the Soybeans lower today. March’24 Corn dropped 10 ¾ cents today and settled at 447, six cents above today’s low of 441, which is also the 1-month and 52-week low. Since 12/12 March’24 Corn is 39 ¾ cents lower or over 8%. The Wheat Market dropped today as well. March’24 Wheat fell 7 ¾ cents today and settled at 596. Today’s low of 587 ¼ is also the 1-month low. The 52-week low is 556 ¼. Since 12/12 March’24 Wheat is down 30 cents or almost 5%. After the WASDE Report was released at 11:00am today, the Soybean Market collapsed, and broke over 30 cents. I have been Bearish Soybeans for a while, as you know, and I don’t know what else I could have said to make you at least look at the downside. Yesterday I structured nine Trades in May’24 and August’24 Soybeans. There is always risk, but all nine trades are already up nicely. If you would like to see those trades or other past trades give me a call or send me an email. There are several of you out there that saw them yesterday. The Trades are real, and they are spectacular. There is risk in every trade, but these worked out well, again. I know some of you reading this don’t want to hear how Bearish I am and have been. I understand you are naturally always going to be Bullish, but it’s risky to be surrounded by all like-minded people, hoping for the same thing. I will always tell you what I think, and why I think it, even if you don’t want to hear it. If you have not hedged yet, have a long position or don’t have some sort of downside protection, you are listening to the wrong people, and/or can’t detach yourself from your life’s work. You need someone on the outside of your circle, watching your back. I want you to succeed and expand, and moving forward, you need me looking out for your best interests, and protecting what you have. I still feel that the Soybean Market will continue to break. I believe we will see $11.50 Soybeans sooner than later, and then head lower, toward the $9.00 level. I believe the Corn Market will continue to follow the Beans lower and head toward the $4.00 level. I still feel the Cattle Markets will continue to grind lower as well. There can and will be rallies, but that gives you an opportunity to lean into strength and put on new Option positions. That is why I use Options, with a long-term view, so you can handle moves against your position. The markets are all closed on Monday for the MLK Holiday. I will be at CattleCon24 in Orlando on January 30th – February 3rd. Call or email me if you would like to schedule a time to meet. No trade is perfect, there is always risk, and past performance is not indicative of future results. That said, I look forward to speaking with you, and formulating a plan that works best for you. Have a great weekend everyone.
-Bill
312-957-8079
I have Option Strike prices every Friday, starting again next week.
I have market commentary and option charts in Pure Hedge – Livestock
and Pure Hedge – Grain at WWW.WALSHTRADING.COM
Call for specific trade recommendations.
1-312-957-8079
Email me for free research.
Bill Allen
Senior Account Executive
Direct: 1 312 957 8079
WALSH TRADING INC.
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Chicago, Illinois 60604
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