June Lean Hogs opened lower, made the high at 104.55 and then broke down below support at 104.35 and continued down ward to the low at 102.225. It settled near the low at 102.475. The cash market has started to work lower and with futures trading at a stiff premium to the cash market, traders took some off the top, …
Pure Hedge – Livestock and Grain
4/26/24 Next week will be interesting. If there is a scare over the weekend, the Cattle could collapse, and May’24 Grain Options have now expired. The Cattle Markets were higher today and June’24 Live Cattle were 77 ½ cents higher today and settled at 178.57 ½. Today’s high was 179.65 and the 1-month high is 181.12 ½. Today’s low was …
Grain Spreads: Risk Reversal in Beans
Commentary The soybean complex continues to struggle, as it is simply priced well above the world cash market right now in my opinion. It doesn’t have a story to trade otherwise for old crop beans. This comes as the Brazilian harvest mostly complete and the Argentine harvest gaining momentum. Argentina’s Buenos Aires exchange reports that the soybean harvest has advanced to 26% …
Walsh Gamma Trader
4/26/24 COMMODITY BUY/SELL COST PER CONTRACT EXPIRATION GRAINS SEP’24 SOYBEAN MEAL BUY 280P 1.00 or $100.00/Contract 119 Days – 8/23/24 JUL’24 CORN BUY 540C 1 7/8 or $93.75/Contract 56 Days – 6/21/24 AUG’24 SOYBEANS BUY 1000P 2 or $100.00/Contract 91 Days – 7/26/24 JULY’24 WHEAT BUY 500P 1 7/8 or $93.75/Contract 56 Days – 6/21/24 LIVESTOCK AUG’24 LIVE CATTLE BUY …
Hogs Break Down
June Lean Hogs opened lower at 106.80 which turned out to be the high of the day. It broke down to the low at 104.375 and then consolidated the rest of the session to settle near the low at 105.00. The breakdown took price to just above support at 104.35. Settlement was above support keeping the upper hand with bullish …
Grain Spreads: Beans Hit 50% Retracement
Commentary Soybean futures bounced around with no guiding story to keep the short-covering action intact in my opinion. The zsk24/zsn24 futures spread garnered most of the activity with a high-volume session and a close that tied the contract low close near the 16-cent low, with a close at 15.4. cent carry. Spread volume was 54K. July beans today hit a …
Pure Hedge – Livestock and Grain
4/24/24 The Livestock Markets were all lower today, and the Grains were mixed. June’24 Live Cattle were 1.90 lower and settled at 175.25. Today’s high was 177.67 ½ and the 1-month high is 183.35. Today’s low was 174.72 ½ and the 1-month low is 170.25. Since 3/22 June’24 Live Cattle are 7.65 lower or mor than 4%. The Feeders were …
Pure Hedge – Livestock and Grain
4/22/24 Today was a great opportunity to sell into strength. Today’s move in the Cattle Markets was another second chance to hedge or put on a short position. In the Soybean Market, it was great opportunity to sell this rally. May’24 Grain Options expire on Friday, and I feel the Soybean Market will break substantially on Monday, 4/29. The Livestock …
Bullish COF Propels Cattle Markets Higher
August Feeder Cattle gap opened higher, making the low at 255.675 and rallying all session to the high at 259.50. It pulled back a touch at the end of the day to settle at 258.475. The Cattle on Feed report was the driving force for the rally, in my opinion as placements came in less than anticipated. The rally took …
Grain Spreads: Three Reasons in Wheat
Commentary Wheat saw a continuation rally that posted strong gains. Chicago wheat up 20 cents, KC up 19 cents. Minneapolis is up 10 cents. First, Indian government data shows wheat stocks at the beginning of April totaled 7.5 million metric tons, down from the 8.35 metric last year. The stockpiles are at their lowest level in 16 years as the government …