Walsh Trading Daily Insights Commentary June Lean Hogs gap opened higher, sneaked past resistance at 101.975 to the session high at 102.425 and then consolidated the rest of the session. Traders weren’t able to push price past the March 18 high at 102.50 in front of the Export Sales and The Quarterly Hogs and Pigs Report due out on Thursday. …
Grain Spreads: Two Reports
Commentary: In my opinion the bean market is setting up ahead of the quarterly stocks and planting intentions report next Wednesday (3/31) as they did pre WASDE in early February and March. Funds bid the bean market higher into those reports fearing a sizable cut in ending stocks that had the potential to reach an all-time low. In February, the …
Grain Spreads: Bean Oil the Leader
Global edible oil supplies are tight, Argentine soybean production remains uncertain, and U.S. supplies should remain tight ahead of this year’s harvest due to a robust export program over the past six months. Corn demand is rising rapidly as China restocks its reserve supplies, and risks are rising for the approaching growing season. The leader has been soybean oil. Interior …
Livestock Report
Walsh Trading Daily Insights Commentary June Lean Hogs opened higher, rallied past resistance at 100.075 and then broke down to the session low at 99.20. It reversed course and rallied the rest of the day, making the high at 101.375. It settled nearby at 101.25. Cash and cutout prices remain strong and futures prices are responding accordingly. If price can …
Soy and Corn Market Commentary
The soy had a healthy rebound today. The leader was the soymeal. The recent trade had meal breaking $40-$50 per ton. I suppose it was time for a rebound. There are some concerns for the soy in my opinion. The largest is the trade talks between the US and China. In addition to this the South American crop is starting …
Livestock Report
Walsh Trading Daily Insights Commentary June Lean Hogs is now the lead contract as its volume has overtaken the April contract. June consolidated within Thursday’s break-down candle, forming an inside candlestick. Thursday’s trade saw the high reach 102.50, which hasn’t been reached in a lead contract since September of 2014. The Thursday high also took out the high made in …
Grain Spreads: Nov 21/Nov 22 Soybeans
Next week and into month end the trade will hear increased noise on prospective plantings for corn and soybeans. Our quarterly grain stocks and prospective plantings report released the last business day is one the of the most anticipated for the grain trade for the year. This year its heightened given the massive rally we have seen since Mid-August. High …
Ag Market Commentary
The markets were two sided today. There are some considerations at present in my opinion. First, the Brazilian crop will start to be marketed. This will not add to the US carry obviously. But it will knock the US out of contention in the export arena. This could limit further gains in the short term. It is my thought that …
Livestock Report
Walsh Trading Daily Insights Commentary April Lean Hogs gap opened higher, down-ticked to the session low at 92.00 and then raced to the session high at 93.125. It consolidated the remainder of the session and settled at 92.90. The high is a new high for the up-move and is now at levels last seen in May of 2019 for the …
Grain Spreads: July/Dec Corn
Commentary One of the reasons corn was higher in my view was that news from private exporters this AM reporting to the U.S. Department of Agriculture export sales of 1,156,000 metric tons of corn for delivery to China during the 2020/2021 marketing year. The old crop demand news comes a day after export inspections beat expectations at 2.203 million metric …