December cattle finished lower by 50 cents today, settling at 151.40. Technical indicators read that there should be more corrective selling in order as the market still remains in overbought conditions. Right now, the market is trading near the 32% retracement level at 151.22, in my opinion, the market could consolidate and trade sideways before rallying again to new highs. …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs consolidated within Monday’s trading range, forming an inside candlestick. It made the low on the open at 84.65 and rallied to the high at 85.85, which tested the declining 50-DMA now at 85.85. Unable to move past resistance, futures tested the low again by late morning. It settled at 85.20. A dull …
Grain Spreads
Commentary Follow through buying was seen in the Chicago wheat today and to a lesser extent Corn. Chicago wheat has rallied 80 cents in two days and the rally comes on two fronts. First, a potential tightening of global exportable surplus wheat on the World market helped drive prices higher yesterday as Russia announced over the weekend that they have …
Grain Markets Commentary
CORN The corn market worked higher all day. The impetus today was the Russian suspension of its participation in the UN brokered export agreement with Ukraine. This situation may well be fluid and could change at any minute. However, at present this is a friendly input. In addition, parts of Argentina remain to dry. This is pause for planting concerns …
Economic Commentary
EQUITIES The equities are pausing after the recent strength. The market marked a near term low and has performed well over the last couple of weeks. This may prove to be a rally in a macro bear market that is presenting an opportunity. There are numerous releases and political influences on the way. The Fed will continue their interest rate …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs saw some pressure after the opening trade took price to the high at 86.825. Price broke down hard after the open, drifted and took another turn down at the end of the day to the low at 84.425. It settled at 84.925. The pressure came as traders see a continuing weakening cash …
Cattle Commentary
Cattle markets across the board were down today, some more than other but down nonetheless. Dec cattle finished .525 lower and settling at 152.475. The market is still in overbought territory and I’ve been hearing that the cash market is starting to add support to futures as I’ve heard possible cash bids in the 160 range. While the cash bids …
Grain Spreads: Corn Strangle
Commentary December corn extended the sideways trade it’s been mired in that has persisted for about six weeks. This could continue into early next month ahead of USDA’s Nov. 9 Crop Production Report. Harvest pressure is dissipating even though progress, which had been running ahead of the five-year average. Still, the unsettled status of the Ukraine export deal continues to …
Livestock Report
Walsh Trading Daily Insights January Feeder Cattle gap opened lower and made the session low at 179.225. The low is just above support at the rising 100-DMA at 179.05. Bulls came in and bought futures, driving them higher the rest of the session to the high at 181.50. It settled nearby at 181.25. The bearish patterns didn’t stop the bullish …
Grain Spreads: Wheat Drama
Commentary Wheat traded slightly higher as drama continues in the Black Sea. The latest news tidbit that came out last night’s session was that ship traffic has been temporarily halted in Ukraine’s Black Sea corridor as a suspicious mine-like object is inspected. The object was reported on Tuesday, and two boats set out to investigate on Wednesday morning. The Black …