Micro Bitcoin futures (BTCX21) closed last week at 64,235 posting a small gain on the week. The week featured Micro futures hitting another all-time high at 69,360 before pulling back to close almost 5K lower from the weekly high. In my view some profit taking entered into the market the last three sessions last week. Bitcoin futures can still potentially make an eventual move to $75,000 or …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs continued its consolidation around the key level at 75.60. It made the high at 76.20 and the low at 75.125 with settlement just above it at 75.80. It formed an inside candlestick as the Monday range sat inside the Friday range. December will be losing its status as the lead contract real …
Grain Spreads: Meal Plan
Commentary Soybean Meal has been the big mover lately after trading $309.3 last month. In our view, soymeal was oversold given the rally seen in other agricultural commodities. After rallying ten percent higher for year in the Spring, the meal market lost almost 40 percent from high to low for 2021. While technically oversold, a fundamental reason potentially sent this …
Eurodollar Trade
The economic news this week hasn’t been great when it comes to inflation. Wednesday’s CPI (Consumer Price Index) Year on Year data increased 6.2%, the largest gain since 1990. Any year-to-year comparison data must be marked with an asterisk, because 2020 was such an outlier. However, the 6.2% increase is a sign that we are experiencing inflation at the highest …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs gap opened lower and broke down to the session low at 73.70. The breakdown took out the gains made after making a low on 11/2/2021 at 74.075. After making the low, traders came back in buying mode as price rallied the rest of the session, closing the opening gap and making the …
Grain Spreads: Rising Wheat
Commentary The strong bull market run in wheat futures continued today as all wheat classes were up over 20 cents. Recent price setbacks have been viewed as buying opportunities. USDA’s Supply and Demand report bolstered the bullish outlook for tightening global stockpiles. USDA cut wheat imports by 10 million bushels, while cutting exports by 15 million, while also raising seed usage …
Soy Market Commentary
COMMENTARY: SOY BEANS – The beans reacted in a sharp way. The WASDE report confirmed more beans domestically at 340 million bushels. They are stair stepping towards what I think will be close to 400 million bu. Apparently the trade thought the world numbers were surprising at 103.78 million tons. Yes that’s right. Please look at where we were the …
Grain Spreads: WASDE Surprise
The USDA posted a surprise soybean yield decline in this morning’s November supply and demand report, down 0.3 bushels per acre to 51.2 bushels per acre. The trade was looking for a similarly-sized yield gain this month. Overall soybean carryout still rose by 20 million bushels month-over-month, to 340 million bushels with the USDA citing decreased exports. Today’s soybean trade …
Livestock Report
Walsh Trading Daily Insights Commentary December Lean Hogs suffered its third day in a row of loss, erasing the gap open rally on the euphoria over Chinese participation in our export sales report. Traders expect that participation to be a one-off type of deal and took price back to the area it was before the report. Tuesday’s decline took price …
Soy Market Commentary
COMMENTARY: SOY BEANS – The beans continue under pressure. The USDA will release a report tomorrow. The supply side is expected to increase 50 million bushels. I will not be surprised to see a 70-90 million bu increase. This will put the carry close to 400 million bu as we enter the new year, if realized. I say if, as …