Commentary Beans dropped 11 cents on January and just over 8 cents in the deferred contracts in March, May, and July today. Soon the rubber will meet the road given that ending stocks could potentially continue to be raised by USDA amid a bigger US crop while a plentiful Brazilian crop gets all China’s attention in the weeks to come …
Weekly Bitcoin Futures Commentary
Bitcoin (BTCZ21) closed last week at $53,545 with a volume of 29000 and range trading between $51,585 to a high of $59,6800. Pressure in Bitcoin in my view comes from the fear of a new corona virus variant. Interesting talking points in the sector come in as follows. First, was news from the SEC in rejecting Wisdom Tree’s SPOT Bitcoin ETF. This comes with more concern and claims by government officials around the world wanting better ways to confirm transactions and transparency. These …
Livestock Report
Walsh Trading Daily Insights Commentary February Lean Hogs gap opened lower and kept on falling. The high was at 80 925 and the breakdown took futures to the session low at 78.175. It settled at78.225. The gap is from the Monday high to the Friday low at 81.20. Settlement was below support at the 50 DMA (78.925) and the 78.80 …
Grain Spreads: July/Nov 22 Soybean Spread
Commentary Consistent export demand from China, strong monthly crush numbers, and a drier weather outlook for Argentina were a few reason soybeans, soy meal and soy-oil rallied to end the week in my opinion. Demand prospects were helped today as USDA reported a daily sale of 122,000 MT of soybeans for delivery to “unknown destinations” during the 2021-22 marketing year. …
Grain Spreads: Meal Snaps Back
Commentary Soymeal traded higher today. I’m wondering was that due to the crush number released after the bell today, amid short covering ahead of the report ? Or did the trade anticipate a strong crush number and bulls use the recent dip as a buying opportunity given the recent weakness in bean oil as the oil share trade weakens some. …
Livestock Report
Walsh Trading Daily Insights Commentary February Lean Hogs consolidated within Tuesday’s trading range. It opened higher, making the high at 80.65 in the opening 5 minutes of trade then traded to the low at 79.25. It consolidated the rest of the session and settled at 80.125. February Hogs are still trading at a stiff premium to the cash market (Lean …
Soy Market Commentary
COMMENTARY: BEANS – The beans were under heavy pressure today. There are a couple reasons for this. The overall market structure outside the AG sector is starting to show weakness. The concerns over the new variant, regardless of reality, are pause for concern. The Crude market as well as stocks also contribute to an overall weak feeling in the AG …
Weekly Bitcoin Futures Commentary
Bitcoin (BTCZ21) trading $58300 as of this writing, volume of 17000 and range trading between $53600 TO $59400. Pressure in Bitcoin had come from a new corona virus threat, this short lived move and holding support levels Bitcoin has turned and heading higher from current levels in my opinion. Interesting talk in the sector from Grayscale with claims of the …
Grain Spreads: Corn
Commentary The panic selling witnessed in the energy and equity sectors on Friday didn’t appear to affect Corn futures all that much. In fact on Friday end users most likely bought the dip as December and March corn futures finished the day almost 20 cents higher from the daily lows. Tomorrow is first notice for December corn which makes March …
Livestock Report
Walsh Trading Daily Insights Commentary February Lean Hogs consolidated in the lower end of Friday’s trading range. It opened higher, making the high at 82.025 in the opening 5 minutes of trade then grinding lower the rest of the day to the low at 80.75. It settled near the low at 80.925. February Hogs are trading at a stiff premium …