July Lean Hogs opened higher, traded down to the low of the day at 87.65, drifted for a bit and then rallied to the session high at 90.25. It pulled back and then settled at 89.50. The initial breakdown took price below support at 88.325but it stopped just shy of taking out the Thursday low. Finding support at Thursday’s low …
Pure Hedge – Livestock and Grain
6/26/24 The Livestock Markets all closed much higher today. August’24 Live Cattle were 2.32 ½ higher today and settled at 186.75. Today’s high was 187.27 ½ and that is the new 1-month high as well. Today’s low was 184.25 and the 1-month low is 175.80. Since 5/24 August’24 Lean Cattle are $5.62 ½ higher or just over 3%. The Feeders …
Hogs Crash
August Lean Hogs opened lower at the high of the day (89.15) and crashed. It traded lower the entire session, making the low at 86.275. It settled near the low at 86.725. I am beginning to sound like a broken record as the cash market trouble continue. Cutouts and the cash market have seemingly peaked and have been moving lower. …
Pure Hedge – Livestock and Grain
6/24/24 The Feeders opened about 2 dollars lower this morning, but the Cattle Markets rallied back to close positive on the day. August’24 Live Cattle were $1.67 ½ higher today and settled at 184.82 ½. Today’s High was 185.42 ½ and that is the new 1-month high as well. Today’s low was 182.50 and the 1-month low is 175.80. Since …
Pure Hedge – Livestock and Grain
6/21/24 The Cattle Markets ended the day mixed, with the Fats slightly higher and the Feeders losing about 1 ½ dollars. August’24 Live Cattle were 60 cents higher and settled at 1183.15. Today’s high was 183.95 and that is also the new 1-month high. The 52-week high is 192.45. Today’s low was 181.75 and the 1-month low is 175.80. The …
Walsh Gamma Trader
6/21/24 COMMODITY BUY/SELL COST PER CONTRACT EXPIRATION GRAINS SEP’24 SOYBEAN MEAL BUY 300P 1.25 or $125.00/Contract 63 Days – 8/23/24 MAY’25 CORN BUY 700C 3 1/4 or $162.50/Contract 308 Days – 4/25/25 JAN’25 SOYBEANS BUY 900P 2 3/8 or $118.75/Contract 189 Days – 12/27/24 MAR’25 WHEAT BUY 500P 7 5/8 or $381.25/Contract 245 Days – 2/21/25 LIVESTOCK APR’25 LIVE CATTLE …
Tightening Cattle Supply
In my view the packer continues to show they are worried about cattle supply. It has been my experience that they don’t pay up unless they have to. They are showing they have to pay higher prices to get needed numbers to slaughter. Fed cattle slaughter has been moving higher as a percent of total slaughter as cow slaughter has …
Hogs Break Down
August Lean Hogs is now the lead contract as its volume has surpassed the volume of the June contract. It opened lower and made the high at 91.15. It broke down the rest of the session and made the low at 88.75. Settlement was near the low at 89.125. The breakdown took price through support at 90.40 with it stalling …
Hogs Break Out of Trading Range
July Lean Hogs gap opened higher at the low of the day (94.45) and raced to the high at 95.825. Price pulled back and tested the low then rallied again to settle near the high at 95.375. The open saw price open above the 100-DMA now at 94.35 and then race to resistance at the declining 21-DMA (95.20) and the …
Grain Spreads: Weather Pressure
Commentary US weather forecasts dominated the market today as the 10-day outlook showed some wetter solutions from what was seen on Friday. In my opinion the good to excellent condition rating dropping 2 points from last week at 73 percent good to excellent has been priced in. It has been too dry in the Eastern Corn Belt but that may …