Commentary: The soybeans have set back approximately thirty cents from the high. In the process the meal market flat price has continued to rise. In addition the meal spreads have gained a considerable amount. They are now at a good inverse. The global meal supply has tightened due to Brazilian crush slowing, the Argentinian currency, and US down time. The …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs traded both sides of unchanged in front of Thursday’s export sales numbers and the Quarterly Hogs and Pigs report. The sales numbers will be released before the open and Hogs and Pigs are out after the close. Traders will be watching the Chinese sales numbers and exports to see how they are …
Grain Spreads: July21/Nov21 Soybeans
Commentary: If I am looking for a type of hedge or even a speculative play at these lofty levels for beans, I may consider looking this old crop/new crop spread. the demand for US beans has been insatiable by China. They bought again this morning and have been buying either beans or corn seemingly every day since the start of …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs broke down hard trading to the low at 61.40 and settling nearby at 61.55. This is below support at 61.80 and puts 59.825 in traders’ sights. Support is at 59.825, 58.25 and then 57.025. Resistance is at 64.80, 66.55 and then 67.80. The market reacted to the weakness in outside markets amid …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs opened higher and traded to the session high at 64.50. It couldn’t hold the gains and fell back and traded to the session low at 62.80. It bounced and settled at 63.525. Support is at 63.325, 61.80, 59.825. Resistance is at 64.80, 66.55 and then 67.80. The Pork Cutout Index surged …
Grain Spreads: Beans the Leader
Commentary: Remember when the USDA told the market not to expect significant soybean purchases from China until the late Spring/summer time frame? Well it appears that they may be proven correct after all. Whether the Chinese are experiencing food shortages or are living up to some previous trade agreements per the Phase 1 deal remains for debate, its Christmas come …
Soy and Corn Market Commentary
Commentary: SOY: The beans continue to work higher based on the size of the crop. In addition the recent Chinese purchases. The meal market led today based on the fact that Brazil and Argentina will not be sellers of large amounts of meal in the near term. The Brazilian due to being essentially oversold. The Argentinian due to the currency …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs is the lead contract as its volume has overtaken the October contract’s volume. December Hogs broke down on Wednesday, trading through support at 61.80 to the session low at 61.25. It was able to bounce and settle above support at 61.975. More profit taking in Hogs as traders lighten positions before the …
Grain Spreads: Corn Follows The Leader
Corn futures finally broke rallied past the 3.70 level for its highest close since March. A long time coming. 10.00 beans one reason why along with trend and index following funds that have flipped from a sizable short to approximately a 40 to 50K contract long. Funds and speculators in my view are taking note of crop damage in China …
Livestock Report
Walsh Trading Daily Insights Commentary October Lean Hogs broke down hard, failing to build on Thursday and Friday’s gains. With China and it looks like the rest of Asia saying they will not take pork from Germany the futures market looked poised to continue its surge as the preliminary pricing had futures prices a lot higher than Friday’s settlement. …