Commentary Wheat futures potentially climbed after Canada’s agriculture statistics agency reported a sharp drop in the country’s inventories at the end of last year. Signs of easing in Russia/Ukraine tensions have added pressure recently in my view, but the data that was released today. Canada’s wheat stockpiles totaled plunged 15.6 MMT at the end of December, down 38% from the …
Livestock Report
Walsh Trading Daily Insights Commentary April Lean Hogs rallied right out of the gate making the low at 100.30 and racing to a new high at 102.85. This is just above resistance at 101.975 and this proved to be a strong level as price broke down to test the session low. It was able to bounce and settled at 101.275. …
Grain Spreads: Bullet Points
Commentary Both soybean and soymeal futures rallied to contract highs on fresh export business and expectations of adverse weather that could potentially shrink South American production. This morning, USDA announced daily soybean sales totaling 507,000 MT to “unknown destinations,” with 249,000 MT for 2021-22 and 258,000 MT for 2022-23. Unknown is spelled CHINA. Since Jan. 28, USDA has reported a combined …
Livestock Report
Walsh Trading Daily Insights Commentary April Lean Hogs consolidated within Friday’s trading range, making the high at 96.30 and the low at 94.725. Settlement came in at 95.70. Cutouts and cash hogs are looking stronger which is being reflected in the rising Indices. Futures are still rich compared to cash so in my opinion consolidation is occurring to allow for …
Soy & Corn Market Commentary
COMMENTARY: SOY The soy is moving higher for all the reasons discussed yesterday. The vegoil was led higher by the palm at all time highs. The meal bounced in a rather large way based on demand and bean tightness potentially. The weather in South America is the driver and until more is actually realized will continue to be the driver. …
Soy Market Commentary
COMMENTARY: The soy was sharply higher yet again. The market moved higher throughout the session. The bean oil was again the leader as oil share continues to surge higher. There are a couple reasons as mentioned yesterday for the price increases. First the palm oil has continued to exhibit strength on a lack of production for various reasons. In addition, …
Livestock Report
Walsh Trading Daily Insights Commentary April Lean Hogs opened lower, eked out a new high for the up move and then fell back as profit taking took over in the Hogs, taking out the Tuesday low in the process. This formed an outside day down candlestick which in my opinion could lead to further selling if the Wednesday low is …
Grain Spreads: Keeping Score
Commentary Last week in my opinion, grain prices reacted to LA Nina drought conditions in major growing areas in South America. Last week, Corn finished up over 20 cents, beans over 40 cents, and almost 50 cents in KC and Chicago wheat. Wheat prices had rallied roughly a dollar in 11 days, largely on the Russia/ Ukraine conflict in my …
Soy Market Commentary
COMMENTARY: The soy complex bounced today. The market rebounded based on the bean oil strength. The oil share is bouncing, currently at 44.3%. The range over the last month or two was 48% high to approx 40% low. The recent run up in crude oil has put a floor under veg oils. In addition, the global vegoil markets have yet …
Livestock Report
Walsh Trading Daily Insights Commentary April Lean Hogs opened higher, made the low at 95.575 and raced to the session high at 97.375. It pulled back then rallied into the close settling near the high at 97.25. The rally continues with the April Hogs, as the Tuesday session made a new high for the up move, stopping just above resistance …