Walsh Trading Daily Insights Commentary June Lean Hogs consolidated within the lower end of Monday’s trading range, trading in a narrow range as price is trading below long-term resistance and above short-term support. The 100 DMA on the continuous chart is declining and is at 62.90. The 200 DMA is above the100 and also declining at 64.85. The rising 13 …
Market Commentary
Commentary: These comments are offered pre report. Tomorrow the USDA will release the supply and demand estimates. There are a few considerations. The Chinese are purchasing beans at present. The US has moved into a position where beans are now a bit cheaper than the competition. This could hold true for a bit depending on currency valuations. The estimates for …
Grain Spreads
Commentary Once again China is in buying US beans. This morning’s release by the USDA’s daily export sales reporting service announced private exporters sold 120,000 MT of soybeans to unknown destinations for delivery before Sept. 1. Unknown Destinations is spelled CHINA. Talk surfaced yesterday that China may have bought double the quantity. Trade this week has been low volume and …
Livestock Report
Walsh Trading Daily Insights Commentary Livestock markets were drifting this morning, trading both sides of unchanged as traders continued to consolidate futures prices. The fedcattleexchange.com auction took place with 5,119 head for sale and 679 sold at nondescript prices. Trades took place at 95.00 and 95.25. No big deal…Prices in lower end of established trading ranges. Then suddenly the USDA …
Livestock Report
Walsh Trading Daily Insights Commentary With cutout prices soaring for cattle and pork, packers would love for the President’s use of the Defense Production Act to keep plants open and running smoothly. But with human beings in the mix and worried about their own safety (warranted) concerns packers’ desires are having a difficult time coming true. Slaughter levels remain low …
Grain Spreads: Wheat, Corn and Bean Thoughts
Commentary: According to a few sources as of this weekend 70 ethanol plants have now shut nationwide. The result is that they are returning more than 1 million tonnes of corn into the U.S. balance sheet every week. This equates to 39 million bushels per week which is not quite as much corn as we have been exporting. That has …
Livestock Report
Walsh Trading Daily Insights Commentary June Lean Hogs continued to rocket higher, gap opening higher and trading past resistance at 66.55 to a new high for the up-move. The high was 66.95 and it pulled back to settle at 65.50. This closed the gap from the March 30th high at 63.25 and the March 29 low at 64.25. It settled …
Livestock Report
Walsh Trading Daily Insights Commentary June Lean Hogs soared on Friday, gap opening higher and continuing upwards to go limit up for the session and it also settled up limit at 62.70. The rally took out the bearish formation created by the price action from Monday to Wednesday. This is the highest hogs have been since gap opening lower on …
Grain Spreads: Long Term Thoughts
Commentary I have posited in previous posts for those to consider long positions further out on the calendar in grains and energy. For good or bad, I see the country headed back to work and school come Summer and Fall. For grains, its start your engines as US planting season has begun where Mother Nature will be the biggest influence …
Corn Commentary
Commentary: The corn could have a short term low in place. The Chinese are looking, strong sorghum sales are both helping. The worst case may be over for Ethanol. However, the rebound could be slow. The corn will also watch planting which is fine to date. It does seem probable that China will want to honor phase one commitments. The …