Commentary Poor technical action that sent wheat futures to below 5 percent down for the year yesterday was short lived. Market reversed and finished 20 cents off of yesterday’s lows while today saw modest follow through up a few cents. The cause for the reversal in my view was first weather, second potential demand, and lastly geo-political news that was …
Hogs Surge – Limit Up!
February Lean Hogs surged on heavy volume, trading up to 69.05 and settling there. This was a limit up move erasing the January 2nd collapse in the Feb contract. It took out that high at 68.975, closing above it. The low was at 65.00. The rally took price up to resistance at the declining 21-DMA now at 69.05. Cutouts are …
Pure Hedge – Livestock and Grain
1/3/24 The Livestock and Grain Markets were mixed today, in a relatively unexciting trading day, compared to recent history. February’24 Live Cattle were 0.075 lower today and settled at 171.850, just below today’s high of 171.950. The 1-month high is just above that at 172.650. Since 12/1 February’24 Live Cattle are 2.800 higher, or over 1 ½%. The Feeders had …
Pure Hedge – Livestock and Grain
1/2/24 Well, the Soybean Market started the year lower, exactly how I thought it was going to… The Cattle Markets rallied to start the year, and I used that opportunity to structure downside Option Trades in March’24 Feeders. February’24 Live Cattle started the year with a solid gain of 3.425 and settled at 171.925. Today’s high of 172.650 is also …
Grain Spreads: Rain Makes Grain
Commentary It is my belief that as we enter into a new year with all eyes on Brazilian weather over this past weekend and for the next ten days. In my view it was the theme for the break in the soybeans and meal today. It was reported by crop scouts that weekend rainfall was highly variable with some of …
Livestock Markets slightly lower to End Year on a Weak Note
February Lean Hogs in a quiet holiday inspired trade, opened higher and traded to the high of the day at 69.075. It reversed and broke down to the low of the day at 67.65. It consolidated the rest of the session and settled at 67.975. The break down took price below support at 67.80 with settlement just above it. This …
Pure Hedge – Livestock and Grain
12/29/23 The Livestock and Grain Markets all closed lower today, the last trading day of the year. February’24 Live Cattle was 0.425 lower today and settled at 168.500. Today’s settlement price was just above today’s low of 168.350. The 1-month and 52-week low is 162.400. Since 11/29 February’24 Live Cattle is down 4.450 or just above 2 ½%. The Feeders …
Hogs Fall
February Lean Hogs opened lower and rallied to the high of the day at 70.475. The high was right at resistance of the 38.2% retracement of the September 28th high at 78.70 and the October 20th low at 65.40. It broke down from here and traded to the low at 68.025. It settled near the low at 68.45. The low …
Pure Hedge – Livestock and Grain
12/27/23 That was a long trading day, without too much excitement. The Livestock and Grain markets were all mixed today. February’24 Live Cattle was 1.125 lower today and settled at 169.275. Since 11/27 February’24 Live Cattle is up 0.425 or ¼ of a %. The Feeders had a small gain today. March’24 Feeder Cattle gained 0.825 and settled at 225.400. …
Grain Spreads: Potential for Short Covering?
Commentary The bull camp in corn got some encouraging news in my opinion as US border patrol opened the two railway crossings into Mexico. The closures backed up train cars in 6 states. The backlog should clear up quickly per the railroad execs. US corn origin continues to hold the better position on the world stage in corn offers versus …