Walsh Trading Daily Insights Commentary June Lean Hogs gap opened higher, up-ticked to the session high (106.75) and fell apart. It traded past support at 104.35 to the session low at 103.65. It bounced and settled at 104.525, which is just above support. A strong rally in corn plus worries about Thursday’s export sales report led to the decline in …
Grain Spreads: Bull Inputs
Commentary Another leg higher for old crop corn, beans, and bean oil as the Ag rally rages on. This push in the last 24 hours in my view comes as Brazil’s Ag ministry suspended import duties on soybeans, corn, bean meal and bean oil until end of the year. It has given thoughts to tight domestic ending stocks there amid …
Livestock Report
Walsh Trading Daily Insights Commentary June Lean Hogs recouped most of Friday’s huge decline, trading up from the session low at 101.10 to the high at 105.375 and settling at 104.325. Even with the strong rally, June Hogs formed an inside candlestick, indicating consolidation within Friday’s huge decline. Settlement was below the key level at 104.35. If price can trade …
Livestock Report
Walsh Trading Daily Insights Commentary June Lean Hogs followed through to the downside on Friday, nearly going down the expanded limit as it made the session low at 100.925. The breakdown closed the gap from the March 25 high at 103.55 to the March 29 low at 103.725 and after some consolidation around the gap area, broke down to the …
Livestock Report
Walsh Trading Daily Insights Commentary June Lean Hogs pressed higher on Wednesday, trading up to 107.775 and settling nearby at 107.70. The rally stopped short of resistance at 107.925 and is still well below the recent high at 110.075, which was reached on Monday. We get exports on Thursday morning before the open so this should key trade for Thursday. …
Grain Spreads: Wheat Story
Commentary Global wheat prices are responding to potential new Chinese demand for global wheat supplies. China’s Ministry of Ag put out an announcement addressing its stripe rust problem as a “severe situation.” In my view this admission is significant for a government that still refuses to admit the severity of the current African swine fever problem in its hog herd. …
Livestock Report
Walsh Trading Daily Insights Commentary June Lean Hogs opened higher and traded to a new high for the up-move at 110.075. Traders took this as a selling opportunity and proceeded to pummel hogs, taking them down the rest of the session and going down limit at the end of the day. Fortunately, hogs settled down 2.80 at 106.15 so limits …
Grain Spreads: July21/Dec21 Corn
Commentary Despite old crop (20/21) corn ending stocks coming in at 1.352 billion bushels on last Fridays report, the focus in my view moving forward will be to where new crop stocks (21/22) end up. Old crop pre report estimates were 1.379 billion bushels, so the old crop number was seen as slightly bullish. However we ended report day essentially unchanged …
Livestock Report
Walsh Trading Daily Insights Commentary June Lean Hogs opened higher and broke out to the session high and a new high for the up-move at 108.125. It settled nearby at 107.90. The high was just above resistance at 107.925 and settlement was just below it. China’s ASF continues to be continue to be front page news for the hog market. …
Grain Spreads: Bean Counting
Commentary The fear is real. At least it is in my view into Fridays WASDE (supply/demand) report as it relates to soybeans. The March 31stocks in all positions and planted acres report was a bull surprise for new crop beans in my opinion. Planting intentions came in at just 87.6 million acres versus the average trade guess at 90 million. …