October Lean Hogs started the session with a bang, gap opening higher and trading to the high at 78.70. It failed just below resistance at 78.80, breaking down hard to the session low at 76.65 and then grinding higher to settle right at the key level at 77.80. The cash market continued its surprising run of strength with both the …
Pure Hedge – Livestock and Grain
7/24/24 The Cattle Markets were mixed as the Hogs made new monthly highs. October‘24 Live Cattle was 15 cents higher today and settled at 186.27 ½. Today’s high was 186.60 and the 1-month high is 188.55. Today’s low was 185.25 and the 1-month low is 181.72 ½. Since 6/24 October’24 Live Cattle are 2.47 ½ higher or almost 1 ½%. …
Grain Spreads: Corn Potential
Commentary Funds continue to slowly peck away from their record short positions as funds cover another 9 to 10K contracts in corn today in my opinion. Yet the market rallies only a penny on the day. Major resistance is still holding on pushes above 4.20 December 24 corn. Patience is warranted here. FSA is going to adjust acres in the …
Grain Spreads: Xmas in July
Commentary This past weekend’s forecast and early week forecast models show a hotter drier pattern into August. Since August is key yield development time, it’s like one person screaming fire in the theater and the shorts go running for cover. I think we saw some of that market action on Monday because last Fridays close looked very bearish. Funds came …
Hogs Continue Higher
October Lean Hogs Started the week strong as it rallied all session to the high at 76.125. The low came early at 74.55 ad settlement was near the high at 75.975. Strengthening fundamentals are driving futures higher as the cash markets bounce back after their recent declines. Consumer demand has been leading the way as grocers have been aggressive in …
Pure Hedge – Livestock and Grain
7/22/24 The Cattle Markets climbed on the open but gave most of it back before the end of the day. October’24 Live Cattle were 1.12 ½ higher today and settled at 184.60. Today’s high was 185.40 and the 1-month high is 188.55. Today’s low was 183.80 and the 1-month low is 181.72 ½. Since 6/21 October’24 Live Cattle are 1.07 …
Walsh Gamma Trader
7/22/24 COMMODITY BUY/SELL COST PER CONTRACT EXPIRATION GRAINS SEP’24 SOYBEAN MEAL BUY 300P 2.40 or $240.00/Contract 32 Days – 8/23/24 MAY’25 CORN BUY 600C 2 3/8 or $118.75/Contract 277 Days – 4/25/25 JAN’25 SOYBEANS BUY 900P 4 5/8 or $231.25/Contract 158 Days – 12/27/24 MAR’25 WHEAT BUY 500P 9 5/8 or $481.25/Contract 214 Days – 2/21/25 LIVESTOCK APR’25 LIVE CATTLE …
Hogs Stable, Cattle Mixed
October Lean Hogs is now the lead contract as its volume has overtaken the volume of the August contract. It opened unchanged and traded to the low at 73.50 and then the high at 75.00 all in the opening minute of the session. It drifted the rest of the day and settled at 74.55. The price action traded around the …
Pure Hedge – Livestock and Grain
7/19/24 The Fats and the Feeders continued lower this morning, but turned it around, and the Fats closed higher on the day. August’24 Live Cattle were 85 cents higher today and settled at 183.10. Today’s high was 183.32 ½ and the 1-month high is 188.25. Today’s low was 181.90 and the 1-month low is 180.35. Since 6/18 August’24 Live Cattle …
Grain Spreads: Wheat Rumors
Commentary The tentative bottoming wheat market action seen in early summer was negated by USDA’s unexpectedly large wheat production forecast on July 12th in my opinion. Wheat ending stocks came in at 856 million bushels versus an average trade guess of 788. The US market needs the export interest to pull down the carryout because the commitments logged to date …