Walsh Trading Daily Insights Commentary April Lean Hogs opened lower, worked its way to the session low at 87.85 and then rallied the rest of the session to the high at 88.925. It settled at 88.775. Settlement was above resistance at 88.325. If price can hold settlement, a test of trendline resistance at 89.70 is possible. Resistance then comes in …
Grain Spreads: KC/Chicago Wheat
Commentary: After a few years of Chicago wheat trading to what insiders called “an abnormal premium” to the higher protein KC, the wheat spread started to correct to more of a normal relationship favoring the higher protein KC. Hard Red winter began to gain vs Chicago early last August when corn and beans also put in their lows and started …
Soy Market Commentary
The WASDE report today did very little to change the structure of the market. In essence all the numbers were left the same. The global carry grew a nominal amount. There are a couple takeaways to consider in my opinion. First the Brazilian crop was raised 1 mmt. Second, the Argentinian crop was lowered. However, the plan for Argentina going …
Livestock Report
Walsh Trading Daily Insights Commentary April Lean Hogs opened lower, made the session low at 87.375 and then rallied to the session high at 88.85. It consolidated near the high the rest of the session and settled at 88.35. The rally took price past resistance at 88.325 with settlement above resistance. If price can hold settlement, a test of trendline …
Grain Spreads: New Crop Spreads
Commentary The USDA punted on today’s WASDE report due to the fact they left ending stocks unchanged for corn and soybeans. Global ending stocks for corn were revised slightly higher by 1.1 million metric tons, while domestic ending stocks stayed at 1.502 billion bushels. Bean ending stocks like corn were unchanged at 120 million bushels while global ending stocks rose …
Livestock Report
Walsh Trading Daily Insights Commentary April Lean Hogs gap opened lower, made the session low at 86.20 and then grinded higher the remainder of the day making the session high at 87.70. It settled nearby at 87.30. Settlement was above the key level at 87.10. If price can hold settlement, a re-test of resistance at 88.325 is possible. A failure …
Soy and Corn Market Commentary
SOY The markets firmed today on expectations next week the carry over could decline yet again. The Argentinian crop has been under stress and is most likely in decline. This also has been supportive. The Brazilian weather has been beneficial of late and most private analysts are predicting an increase in production. The end result is the USDA could show …
Ag & Equity Market Commentary
General Ag Commentary The Ag markets in general are close to the highs of the last twelve months. The bean, meal, and oil spreads are all inverted as well as corn. This all makes sense given the tight domestic carry. In general, however, today’s action was of some concern. A large move up that ultimately failed. Is the market indicating further …
Livestock Report
Walsh Trading Daily Insights Commentary April Lean Hogs opened strong and took out resistance at 87.10 on its way to a limit up move to the session high at 88.35. It wasn’t able to sustain the limit move and settled nearby at 87.925. Reports of ASF in China has traders rethinking the China narrative that it has its hog population …
Grain Spreads: July21/Dec21 Meal
Commentary The meal market has been under pressure lately as the all interest in Soy has been in the Soybean or Soybean oil sector. The interest in those two contracts is valid given increased global demand against diminished supplies. Managed funds have taken notice. However, meal could be the sleeper here as we move into Spring. A reduced crop in …