Commentary: The markets were fairly quiet today. The Meal oil had a correction. At present the oilshare stands at 35%. I am watching this closely. The veg oil market can be a bit more inelastic. The meaning here is that the global stocks remain supportive at present. The oil usage should stay strong through the year. The demand for soy …
Livestock Report
Walsh Trading Daily Insights Commentary April Lean Hogs opened lower, traded to the session high at 86.45 and then declined the remainder of the session, making the low at the end of the day at 84.625. It settled nearby at 84.90. Hogs spent its second session in a row trading within Friday’s trading range. On Friday, it surged to a …
Soy Market Commentary
Commentary: The soy rallied back today. I don’t have a long commentary here today. The fundamentals are what they are. The question is are they baked in the cake at these levels. It is a thought for consideration. The market activity today is essentially an inside day. Tomorrow being Friday, a Friday before a holiday weekend. It will be important …
Grain Spreads: Tug of War in Wheat
Weather events, export quotas, and an increase in export taxes out of Russia that may extend past June have created more uncertainty in the wheat complex than I can remember. Yesterdays crop report from USDA had all wheat ending stocks at 836 million bushels, unchanged from last month. The breakdown per class had KC wheat ending stocks at 362, up …
Are the Highs In? – Soy Market Commentary
Commentary: The soy closed sharply lower today. Let’s review briefly yesterday’s numbers. The domestic numbers were much as anticipated. The carry drops to 120 mil bu, due to the crush and exports being raised. It is true the shipments relative to sales, thus far, are excellent. The crush as well, has been very strong due to reasonable margins for quite …
Livestock Report
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 …