December Lean Hogs is now the lead contract as its volume has overtaken the volume of the October contract. It opened unchanged, traded to the session high at 74.475and then broke down to the low of the session at 73.70. The high and low were in by 10 AM and the market consolidated the rest of the session, settling near …
November WTI Crude Oil Commentary
The Nov WTI trading session settled at 69.88(-0.08), had a high of 70.31, a low of 68.58. Cash price is at 71.21(+1.07), while open interest came in at 346,083. Higher on the day by -0.11% CLX traded above its 7 day (68.2) but below its 20 day (70.42), its 50 day (73.59), and its 200 day (74.94) moving-averages. The COT …
Grain Spreads: Wheat Examined
Commentary December Chicago wheat retracement support is 569 then 566 and then 559 in my opinion. Chicago Wheat broke out a last week as shorts ran for cover following escalations in the Eastern Europe conflict in my view. with Russia struck a Ukrainian wheat vessel in the Black Sea in retaliation for a drone attack on Moscow. However, that risk …
Pure Hedge – Livestock and Grain
9/18/24 It was a long, slow day waiting for the Fed Rate Cut decision. The Fed cut the interest rate by ½ a point. The Cattle Markets were not open for long after the cut was announced, and the Cattle Markets were unchanged or slightly lower. The Fats closed unchanged on the day. December’24 Live Cattle were unchanged and settled …
November WTI Crude Oil Commentary
The Nov WTI trading session settled at 69.96(+0.94), had a high of 70.65, a low of 68.51. Cash price is at 70.14 (+1.49), while open interest came in at 323,438. Higher on the day by 1.36% CLX traded above its 7 day (68.04) but below its 20 day (70.59), its 50 day (73.79), and its 200 day (74.96) moving-averages. The …
Walsh Trading – Livestock and Grain
9/17/24 Market thoughts… China could start to mess with the US Farmer, sooner than later. The US tariffs on China’s EV’s will be in effect starting on September 27th. If China decides to retaliate, I am guessing they will hit the agricultural sector first, probably starting with the Soybeans. China has been stockpiling Soybeans for a while, and …
Grain Spreads: Lack of Conviction
Commentary Corn rallied a whopping 1.4 cents today but is still down three quarters of a penny for the week. Tight ranges from the last two sessions as a lack of conviction in either direction is featured so far. Wheat broke over 25 cents to start the week amid heavy selling yesterday while today’s minor loss was rather subdued. Beans …
November WTI
The Nov WTI trading session settled at 69.02(+1.27), had a high of 69.61, a low of 67.70. Cash price is at 68.65 (-0.29), while open interest came in at 307,947. Higher on the day by 1.87% CLX traded above its 7 day (67.61) but below its 20 day (70.72), its 50 day (73.98), and its 200 day (74.99) moving-averages. The …
Walsh Trading – Livestock and Grain
9/16/24 The Cattle and Grain Markets were all lower today, but the Hogs had a nice gain. The Cattle Markets were lower today, but not much lower. December’24 Live Cattle were 15 cents lower today and settled at 178.35. Today’s high was 179.37 ½ and the 1-month high is 179.50. Today’s low was 177.75 and the 1-month low is 173.17 …
Hogs Rally
October Lean Hogs opened higher, made the session low at 78.60, surged to the high of the day at 80.675 and then consolidated the rest of the session, settling at 79.925. The low tested the key level at 78.80 after closing below it on Friday. The rally took price past resistance at 80.45, making a new high for the consolidation …