Commentary KC wheat futures had rallied approximately $1.83 from the early May lows to the spike right before the grain corridor extension last Wednesday. Today, July KC wheat closed at 8.25 which is a 50 percent retracement from the monthly high/low. Russia continues to complain but finally agreed to the extension of the grain agreement last week. The clock restarts …

Walsh Trading Daily Insights Commentary June Lean Hogs came under intense pressure on Wednesday as traders caved after a strong open that saw price test resistance at the 50 –DMA now at 87.75. The strong open saw price reach a new high at 87.825 and the ensuing collapse took price to the low at 84.325. Settlement came in at 84.875. …

Commentary Turkey’s President this morning announced the extension of the Black Sea grain export deal for two months, past tomorrow’s deadline, after the last remaining ship left Ukraine’s ports yesterday as inspections ticked lower this month due to safety concerns. Russian officials confirmed the agreement but continue to note issues with their own exports and global food security. Corn futures …

Walsh Trading Daily Insights Commentary June Lean Hogs continued higher on Tuesday, trading up to 87.35 with the low at 86.075 and settlement at 87.20. The rally and settlement took price past resistance at 87.10, putting the 50-DMA now at 87.75 in traders’ crosshairs. Cash market improvement as the seasonal rally has arrived is providing bullish futures traders with hope …

Walsh Trading Daily Insights Commentary June Lean Hogs surged, making the low at 83.825 and rallying to the high at 86.95, settling near the high at 86.15. The rally took price past resistance at 85.325, the 100-DMA at 86.35 and the 21-DMA at 86.775, stopping just shy of the 87.10 resistance level. The settlement below these levels keeps the onus …

Commentary Corn’s push higher comes on three fronts today in my view. First, USDA inspected 46.2 million bushels of cornfor export shipment in the week ending May 11th. Inspections bested most expectations in my view as ships destined for China included an impressive 18.6 million bushels of corn. Second, worries about the extension of the Black Sea Corridor. The final two …

Commentary There were no changes to the old-crop balance table for wheat this month to nobody’s surprise in my opinion. The surprise in my opinion was that new crop US production and US ending stocks came in well below trade expectations, and this assumes somewhat normal yield. If weather continues to be a significant issue, the market may move to …

Commentary  We haven’t seen consistently strong demand for U.S. corn as one may have previously thought. Given that China cancelled another old crop purchase yesterday. Their third cancellation in as many weeks. With export inspections down 35% year on year, yesterday’s cancellation gave more thoughts at least for yesterday that more could be coming in my opinion. Apparently, prices have …

Walsh Trading Daily Insights Commentary August Feeder Cattle gap opened higher and pulled back to the session low at 223.125 to close the gap. Feeders recovered and rallied to an early high, drifted, then rallied the rest of the session to the high at 226.50. It settled near the high at 226.125. It was an impressive rally as corn prices …

Walsh Trading Daily Insights Commentary August Feeder Cattle opened higher and dipped down to the session low at 221.15. The low poked through support at the 21-DMA at 221.225 and then raced to the morning high at 223.30, before pulling back to support at 222.225. It resumed the rally and at the end of the day made a new high …