June Lean Hogs made another new low for the down move, opening weak at the high of the day (98.25) and breaking down to the low of the day at 96.175. It drifted and then settled near the low at 96.50. The breakdown took price down below support at 97.30 and is a new low closing price for the down …
Pure Hedge – Livestock and Grain
5/17/24 June’24 Live Cattle were 2.02 ½ higher today and settled at 181.05. Today’s high was 181.20 and that is also the new 1-month high. Today’s low was 179.20 and the 1-month low is 172.70. Since 4/17 June’24 Live Cattle is 5.57 ½ higher or more than 3%. The Feeders had a good week. August’24 Feeder Cattle were 2.50 higher …
Hogs Make New Low and Bounce
June Lean Hogs opened lower and broke down to a new low for the down move at 96.425. Hogs found support here and reversed course in a big way, surging to the high at 100.10. Hogs couldn’t handle success and broke down into the middle of the range and settled at 98.375. The rally took price above the rising 50-DMA …
Pure Hedge – Livestock and Grain
5/15/24 June’24 Live Cattle were 7 ½ cents higher today and settled at 178.25. Today’s high was 179.20 and the 1-month high is 179.65. Today’s low was 177.67 ½ and the 1-month low is 172.70. Since 4/15 June’24 Live Cattle is 4.42 ½ higher or 2 ½%. The Feeders had a small gain. August’24 Feeder Cattle were 20 cents higher …
Pure Hedge – Livestock and Grain
5/13/24 There was too much pressure on the Cattle markets late in the day. June’24 Live Cattle were 57 ½ cents lower today and settled at 175.57 ½. Today’s high was 17740 and the 1-month high is 179.65. Today’s low was 174.92 ½ and the 1-month low is 172.32 ½. Since 4/12 June’24 Live Cattle are 4.10 higher or almost …
Grain Spreads: Short Covering Examined
Commentary This past February saw funds establish a new record short in corn at 340K contracts of both futures and options. Last week’s commitment of traders reduced the managed money short in corn to a total of 102,513 contracts as of the Tuesday May 7th close. Per CFTC, from Wednesday May 1 to Tuesday May 7th, saw the longs in …
Hogs Make New low
June Lean Hogs opened higher and rallied to the high of the day at 99.475. The rally took price above the rising 50-DMA now at 99.05but it couldn’t overtake the Friday high at 99.80 and price drifted. Mid-morning saw a strong cutout which pushed futures higher for a brief moment but the momentum didn’t last and it broke down the …
Hogs and Cattle Eke Out Small gains
June Lean Hogs opened unchanged and ticked down to the low of the day at 97.60. It reversed and raced to the high at 99.80. The rally was over by around 9:15 CT and price gave back most of the rally by the end of the session to settle at 98.375. The rally approached resistance at 100.075 and the pullback …
Pure Hedge – Livestock and Grain
5/10/24 Today’s WASDE Report was released this morning, and it looked Bullish for Corn and Wheat, but Bearish for Soybeans. However, the market reaction in the Soybeans, did not fit with the data, but it will soon. Today July’24 Soybeans were 10 ½ cents higher and settled at 1219. July’24 Corn was 13 ¼ cents higher and settled at 469 …
Grain Spreads: Xmas in May
Commentary If you are planting corn this year or still have old crop corn to sell, todays numbers from USDA were Xmas come in May in my opinion. Don’t get me wrong, there is nothing inherently bullish with an old crop and new crop carry-out of 2 billion bushels. However the numbers were bullish versus expectations. USDA cut old-crop corn …