8/30/24
That was a wild trading day. The Livestock and Grain Markets all closed higher, after big price swings today. The Fats settled in the middle of today‘s trading range.
October’24 Live Cattle were 70 cents higher today and settled at 178.60. Today’s high was 179.62 ½, and today’s low was 177.75. The Feeders settled near the middle of today’s range as well. October’24 Feeder Cattle were 1.07 ½ lower today and settled at 237.75. Today’s high was 238.80, and today’s low was 236.27 ½. The Hogs stayed positive again today. October’24 Lean Hogs were 5 cents higher today and settled at 82.22 ½. Today’s high was 83.00, and today’s low was 81.92 ½. The Cattle Markets tried to take off a few times today, but there was no reason to, so the Fats and the Feeders both broke after each attempt. After the first rally stalled, the October’24 Fats broke straight down and traded 15 cents lower for the day on the lows. The October’24 Feeders were trading 40 cents lower on the day after the first break. Then late in the day they both broke from the highs, and gave back more than half of what they had tried to gain, more than a dollar lower from the top tick on the day, for both the Fats and the Feeders. The Hogs were having a good day, until they followed the Cattle lower when they broke. The October’24 Hogs were 82 ½ cents higher on the highs, then broke 77 ½ cents, but managed to settle in the green. After the long three day weekend, I believe the pressure will resume on these markets, and push the Cattle lower, and I feel that the Fats can still test the 52-week low of 168.50 in the October’24 contract.
The Grains all settled higher on the day, with the Soybeans flying all over the place. The November‘24 Soybeans were 7 ½ cents higher today and settled at 1000 even. Today’s high was 1007 ¾, and today’s low was 989 ½. The Corn looked good, closing over 4.00. December‘24 Corn was 5 cents higher today and settled at 401. Today’s high was 401 ¾, and today’s low was 394 ½. The Wheat continued its trek higher as well. December‘24 Wheat was 2 ¾ cents higher today and settled at 551 ½. Today’s high was 553 ½, and today’s low was 546. The November‘24 Beans opened 1 ½ cents lower today, after being higher in the overnight session, but then began a steady climb higher. When the November‘24 Soybean reached the high of the day, they were 15 ½ cents higher. That’s when the shorts stepped back into the market and slammed it 18 ¼ cents lower, pushing it 3 cents lower on the day. The Beans tried to climb back, but never got above 1003 again, and were trading around 999 just before the close. The December‘24 Corn was finally able to close above the 4.00 level today. I would have liked to see it close a little higher, but it was still a positive close, settling just ¾ of a cent below the days high. The Wheat looked good as well today, and was able to close over the 550 level again. I believe today was a great selling opportunity in the Bean Market. The short are still in charge of this market, and they let everyone know that today. The Soybeans never got close to the highs of the day again. Next week, starts a new month, and I feel we will see the Soybeans much lower. Now that the December’24 Corn has closed above the 4.00 level, and the December’24 Wheat has closed above the 550 level, there is a good chance they can leave the Beans behind, and both continue higher, because the Beans are going to break, in my opinion of course. Have a great weekend. If you are interested in seeing my past or future trades, just send me an email. BALLEN@WALSHTRADING.COM