Commentary Despite old crop (20/21) corn ending stocks coming in at 1.352 billion bushels on last Fridays report, the focus in my view moving forward will be to where new crop stocks (21/22) end up. Old crop pre report estimates were 1.379 billion bushels, so the old crop number was seen as slightly bullish. However we ended report day essentially unchanged …
Livestock Report
Walsh Trading Daily Insights Commentary June Lean Hogs opened higher and broke out to the session high and a new high for the up-move at 108.125. It settled nearby at 107.90. The high was just above resistance at 107.925 and settlement was just below it. China’s ASF continues to be continue to be front page news for the hog market. …
Grain Spreads: Bean Counting
Commentary The fear is real. At least it is in my view into Fridays WASDE (supply/demand) report as it relates to soybeans. The March 31stocks in all positions and planted acres report was a bull surprise for new crop beans in my opinion. Planting intentions came in at just 87.6 million acres versus the average trade guess at 90 million. …
Livestock Report
Walsh Trading Daily Insights Commentary June Lean Hogs opened higher, rallied to the session high and a new high for the up-move at 107.40. Hogs couldn’t handle success and fell back, trading down to the low of the day at 105.05. It settled nearby at 105.60. The high was between resistance at 106.85 and 107.925. The low was just above …
Soy and Corn Market Commentary
SOY The markets are liquidating. The price action today was led by soyoil. The USDA report tomorrow will be interesting. The stocks number is important. The expectation is for a draw down. However, if the govt finds stocks that would be a surprise and would shock the system. An increase in stocks could lead to further liquidation. This is of course …
Livestock Report
Walsh Trading Daily Insights Commentary June Lean Hogs opened higher, traded down to the session low at 104.725 and then rallied to the session high at 106.375. It settled at 106.025. The high is a new high for the up move and it was just below resistance at 106.85. If price can stay above settlement, a test of resistance at …
Livestock Report
Walsh Trading Daily Insights Commentary June Lean Hogs opened lower, traded down to the session low at 103.725 and then rallied to the session high at 105.60. It settled at 105.225. The trade down to the session low closed some of the gap created on the strong Friday open after the Hogs and Pigs report on Thursday afternoon. The remaining …
Grain Spreads: Nov 21 Soybeans
Commentary One scenario I could see playing out here in the next few weeks could be that funds wash their hands of a portion of their bullish bets after the next two USDA reports only to rebuy the market heading into planting and growing season. I like beans to the long side further out. The USDA has issued whispers for …
Livestock Report
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 …