Walsh Trading Daily Insights Commentary October Lean Hogs traded to a new high for the up move, reaching 61.725. This is just under resistance at 61.80. It settled just below the high at 61.375. China continues to whittle down its frozen state reserves. It will auction 10,000 MT on Friday, September 11. China has auctioned over 540,000 MT of …
Livestock Report
Walsh Trading Daily Insights Commentary October Lean Hogs tested support at the 200 DMA (59.25) on Tuesday, trading down to the session low at 58.775. It recovered and settled above the 200 DMA at 59.90. This is positive to the Hog market, but price must stay above the 200 DMA or a bigger pullback could occur. Hogs made the …
Soy and Corn Market Commentary
Commentary: The soy today was led by the meal closing up 4.5 dollars per ton. This is supporting the crush margins at present. It is important to see where the overall soy numbers are going to fall. It is my thought that the domestic carry will be ample, and the global numbers will continue to expand. The near term fundamentals …
Livestock Report
Walsh Trading Daily Insights Commentary October Lean Hogs gap opened higher, surged to a new high for the up move a t 60.95, then tumbled. It closed the gap making the low at 58.875 then rallied to settle at 59.825. Settlement was above the 200 DMA (59.29) which is positive but the candle formed a Doji which indicates indecision. Hogs …
Grain Spreads: Demand in a Supply Side Market
Commentary: Increased demand most notably from China has driven the soy complex bid while minor dips in Corn remain buying opportunities. A falling US Dollar has stoked some inflation here in the grain and livestock sectors in my view as soymeal, wheat, and hogs have seen decent bounces. I think this continues in some shape or fashion into year end …
Soy and Corn Market Commentary
Commentary: SOY: The beans were able to show gains again today. The bean oil was the strongest aspect of the complex today. The market in my opinion may have topped this week. The funds are now holding a sizable long position in beans. The weather has moderated, and the later planted beans will be assisted. The yield may have been …
Livestock Report
Walsh Trading Daily Insights Commentary October Lean Hogs gap opened higher, closed the gap and drifted for the middle part of the session before surging after noon (CT), making a new high at the end of the session at 56.925. It settled at 56.40. This continues the short-term uptrend and if price can overtake resistance at 57.025, it has a …
Livestock Report
Walsh Trading Daily Insights Commentary October Lean Hogs opened higher and rallied into the gap created from Thursday’s low at 55.275 and Friday’s high at 55.075. The rally stopped just short of a gap close reaching 55.20 before settling nearby at 55.025. Resistance is at the gap close, 55.625, 56.10 and then 57.025. Support at the 100 DMA held, now …
Soy Market Commentary
Commentary: The beans saw a fairly volatile trade today. The meal had a significant gain relative to bean oil. The soy in general has had a large appreciation. The conditions tonight dropped 3%. This is significant. However, it should be noted that the average is still 2% below the current conditions. The main point of this is that the bean yield …
Livestock Report
Walsh Trading Daily Insights Commentary October Lean Hogs made a new low at 53.175 and bounced. It traded up to 54.375 before pulling back and settling at 53.60. There is support at the 100 DMA (53.00) and the gap from the 8/19/2020 high (52.825) to the 8/20/2020 low (53.55). Price needs to hold here or a breakdown to support …