AG The overall feeling in the market is concern over weather. This has fueled a rally to close out the week. BEANS – The bean market was very strong today. The continued leader is the bean oil with oil share surging above 47%. The meal rallied a bit late, attempting to do a little late day keep up. The concern …
Livestock Report
Walsh Trading Daily Insights Commentary July Lean Hogs broke out to a new high and settlement on Friday, reaching 121.45 and settling above the 119.90 resistance level at 120.60. The session low was above the rising 8 DMA (118.45) at 118.50. The breakout to the new high puts’ resistance at 122.275 in traders’ crosshairs, in my opinion. A breakout above …
Market Commentary
AG The markets were higher early, as the morning progressed the markets liquidated in general. BEANS – The soy was actually led lower by the bean oil. The fundamentals remain supportive at present. However, the oilshare has had a very significant move of late with the market above 46 % at present. It has been my contention that the oil …
Livestock report
Walsh Trading Daily Insights Commentary July Lean Hogs broke out to a new high on Tuesday reaching 120.40 and then matched it on Wednesday before breaking down to support at 117.20, making the low at the support level. Today’s price action saw consolidation within Wednesday’s trading range, making the high in the upper middle of the range at 119.15. Settlement …
Grain Spreads: Dec 21/22 Corn
Commentary New crop December corn futures traded down to 5.00 this AM before bouncing by mid-morning and rallying 20 cents into the close. Buyers bought with both hands at the 5.00 level and that represents key support for me. With a close under I think new crop down side targets come in at 4.84 which would put new crop corn …
Livestock Report
Walsh Trading Daily Insights Commentary July Lean Hogs broke out to a new high on Tuesday reaching 117.975 for the session high besting resistance at 117.20 as settlement was above it at 117.50. This continues the bullish lean, in my opinion for hogs as demand for pork continues to sizzle. Pork cutouts continue to make new highs, topping 120.00 for …
Grain Spreads: New Crop Math
Commentary New Crop November beans has seen a sizable correction in the last two weeks down approximately $1.14 in that span. Overall the grain market was likely due for a correction as weather has been conducive for planting and demand for US beans has taken a back seat to South American production. There’s also talk that China is cracking down …
Livestock Report
Walsh Trading Daily Insights Commentary July Lean Hogs is the lead contract as its volume has over-taken the June contract’s volume. It opened lower and made the session low at 114.90. It recovered and rallied past resistance at 115.925 to the session high at 116.15. It yet again reversed course and went lower trading down to just a couple ticks …
Soy Market Commentary
The soy experienced a two sided choppy trade overall. The market is dealing with the time of year, the South American production, as well as the Chinese decline in US bean purchases. The fact remains at present that the US balance sheet remains tight. The question now is will the carry be ample through the summer. Will the weather remain favorable. …
Grain Spreads: Old Crop Corn/Beans
Commentary The corn crop roared back after steep losses this morning. Beans though fell to two week lows and below the 20 percent higher for year threshold at 15.73. July beans fell 36 cents while new crop November fell 30 cents. Basis and cash prices for soybeans have fallen in both Brazil and Argentina as harvest advances. Also pressuring the …