Walsh Trading Daily Insights Commentary April Lean Hogs opened lower and traded down to the session low at 79.40 and then reversed course trading to the high at 80.85. It settled nearby at 80.375. Hogs tested resistance at 80.45 for the third day in a row, settling below it today. It is starting to consolidate as it is way over …
Grain Spreads: Follow the Leader
Soybeans look to be the leader moving forward in the grain sector in my view. Ending stocks came in at 120 million bushels vs trade expectations of 123.Corn ending stocks were lowered just 50 million bushels to 1.502. That was a report day surprise in my view but I think there are whispers within the trade that have old crop …
Grain Spreads: Buying the Dips
Commentary: Corn, Soybeans, and Wheat all broke during overnight and morning business hours, but again found willing buyers on the dip. Corn broke 7 cents to 536, but rallied to close at 552, above key resistance. March 21 soybeans broke all the way to 1342, but finished the day approximately 30 cents higher to close at 1371. Key resistance is …
Livestock Report
Walsh Trading Daily Insights Commentary April Lean Hogs opened higher and then made a weak attempt to take out the Monday low, matching it at 75.375 and then racing higher the remainder of the session. It made the high at the end of the day at 78.225, breaking resistance at 77.80 and then settling above it at 78.075. The high …
Livestock Report
Walsh Trading Daily Insights Commentary April Lean Hogs opened higher made a weak attempt to rally, making the high near the open at 77.30 for the day. Resistance is at 77.80 and it has been containing April hogs keeping it in a trading range for the past week. After the failure to pressure resistance the market grinded lower, testing …
Grain Spreads: Demand Driver
Commentary: Longs continue to enter into the Corn market as China continues to make record purchases. Per CFTC data just released, the managed fund long position as of Tuesday January 26th was just over 364K contracts. That was prior to funds in my view pushing the market to new highs in the last three sessions on insatiable demand. On Wednesday …
Soy Market Commentary
Commentary: Let us take a look at the other side of the coin. First, I would like to start by saying that the bean carry is very tight. This is what has fueled the recent historic run up in prices. I would like to remind that the market in beans is up over $25,000 per contract in the last twelve …
Livestock Report
Walsh Trading Daily Insights Commentary April Lean Hogs continued its upsurge trading to a new high at 77.60, stopping just shy of resistance at 77.80. It pulled back and settled at 76.95. If Hogs can hold settlement, a re-test of resistance at 77.80 is possible. Resistance then comes in at 79.80 and 80.45. If futures can’t hold settlement, a …
Grain Spreads: Corn Demand
Commentary: Corn exploded higher this AM after drifting lower in the overnight session last night. After making a session low at 5.08, the market rocketed higher in early morning trading, closing at the ten percent threshold higher on the year at 5.32, approximately 24 cents from the low. It is my belief that demand news was the driver. USDA announced …
Livestock Report
Walsh Trading Daily Insights Commentary April Lean Hogs is now the lead contract as its volume has surpassed the February volume. On its first day as the lead contract, April Hogs opened lower and barreled its way past resistance on the continuous chart at 74.25 to the session high at 74.975. Resistance proved to be too much for Hogs to …