2/16/24
The Cattle Markets had big gains today and the Soybeans bounced higher too. I hope you sold it on the close. April’24 Live Cattle were 1.950 higher today and settled at 187.550, just below today’s high of 188.125, which is also the 1-month high. The 52-week high is 199.825, and I am showing that for informational purposes only. Today’s low was 185.425 and the 1-month low is 174.350. Since 2/16 April’24 Live Cattle are 12.200 higher or almost 7%. The Feeders had a big day today. March’24 Feeder Cattle were 3.925 higher today and settled at 251.025. Today’s high was 251.925, which is also the 1-month high. Today’s low was 247.125 and the 1-month low is 227.750. Since 2/16 March’24 Feeder Cattle are 22.200 higher or almost 10%. The Hogs posted a gain today as well. April’24 Lean Hogs were 0.225 higher today and settled at 85.225, just under today’s high of 85.650, and just below the 1-month high of 85.925. Today’s low was 84.525 and the 1-month low is 76.725. Since 2/16 April’24 Lean Hogs are 7.650 higher or almost 10%. The Grain Markets were mixed today with only the Soybeans bouncing higher. May’24 Soybeans were 10 ¼ cents higher today and settled at 1176 ¼, just below today’s high of 1177 ½. the 1-month high is 1252 ¾. Today’s low was 1165 ½ and the 1-month low is 1164 ¼. The 52-week low is 1150 ¾. The 52-week low in March’24 Beans is currently 1145 ¼, 32 cents from today’s settlement price of 1177 ¼. Since 2/16 May’24 Soybeans are 62 ¼ cents lower or just over 5%. The Corn Market fell fractionally today. May’24 Corn was ¼ cent lower today and settled at 429 ½. today’s high was 433 and the 1-month high is 463. Today’s low of 427 ¾ is also the 1-month and 52-week low. Since 2/16 May’24 Corn is 25 ¾ cents lower or about 5 ½%. The Wheat Market continued to slide lower today. May’24 Wheat was 8 ¼ cents lower today and settled at 559. Today’s high was 568 ¾ and the 1-month high is 626 ½. Today’s low of 555 is also the 1-month and 52-week low. Since 2/16 May’24 Wheat is 37 cents lower or over 6%. The Cattle markets continued to climb today, but I would not want to be long over the three-day weekend. The Cattle market might look strong, but it could be a house of cards. I truly hope everyone is prepared for the 180 if it happens. Take a look at the Option Premium many months out… The Grain Market is imploding and a I don’t believe a 10-cent bounce in the Beans will do anything to stop that. I have stated multiple times why I feel the Soybean market is overpriced, and I see nothing to change my opinion. I want everyone to be protected from their downside exposure. If you are not sure how to do that, ask someone, anyone. I am happy to help, but if not me, get help from someone. I will be in Houston for the Commodity Classic on the 28th. I hope to see you there. Livestock and Grain Option charts and tables below. Have a great three-day weekend.
-Bill
312-957-8079
SOYBEAN CALLS
| MONTH | STRIKE | PRICE | COST |
| MAY’24 1176 1/4 | 1250C | 10 5/8 | $531.25 |
| 1300C | 4 5/8 | $231.25 | |
| 1350C | 2 | $100 | |
| ATM 1180C 32 3/8 | ATM STRADDLE 68 1/2 | EXPIRES 4/26/24 | |
| JUL’24 1184 3/4 | 1300C | 13 7/8 | $693.75 |
| 1360C | 7 | $350 | |
| 1400C | 4 1/2 | $225 | |
| ATM 1180C 50 3/8 | ATM STRADDLE 96 | EXPIRES 6/21/24 | |
| AUG’24 1178 1/2 | 1400C | 8 1/8 | $406.25 |
| 1500C | 3 1/2 | $175 | |
| 1600C | 1 3/4 | $87.50 | |
| ATM 1180C 56 1/2 | ATM STRADDLE 114 1/2 | EXPIRES 7/26/24 |
SOYBEAN PUTS
| MONTH | STRIKE | PRICE | COST |
| MAY’24 1176 1/4 | 1100P | 8 7/8 | $443.75 |
| 1500P | 3 | $150 | |
| 1000P | 1 1/8 | $56.25 | |
| ATM 1180P 36 1/8 | ATM STRADDLE 68 1/2 | EXPIRES 4/26/24 | |
| JUL’24 1184 3/4 | 1100P | 16 3/8 | $818.75 |
| 1060P | 8 3/4 | $437.50 | |
| 1000P | 3 1/4 | $162.50 | |
| ATM 1180P 45 5/8 | ATM STRADDLE 96 | EXPIRES 6/21/24 | |
| AUG’24 1178 1/2 | 1100P | 25 | $1,250 |
| 1000P | 6 3/4 | $318.75 | |
| 900P | 1 1/2 | $75 | |
| ATM 1180P 58 | ATM STRADDLE 114 1/2 | EXPIRES 7/26/24 |
SEPTEMBER’24 SOYBEAN
| CURRENT PRICE | PRICE ACTION | PRICE AFTER MOVE | STRIKE | CURRENT PRICE |
| 1156 | 10% BULL MOVE | 1271 5/8 | 1260C | 26 5/8 |
| 1156 | 10% BEAR MOVE | 1040 3/8 | 1060P | 22 1/2 |
| 1156 | 20% BULL MOVE | 1387 1/4 | 1380C | 9 7/8 |
| 1156 | 20% BEAR MOVE | 924 7/8 | 940P | 4 1/2 |
| 1156 | 30% BULL MOVE | 1502 7/8 | 1500C | 4 |
| 1156 | 30% BEAR MOVE | 809 1/4 | 820P | 7/8 |
CORN CALLS
| MONTH | STRIKE | PRICE | COST |
| MAY’24 429 1/2 | 450C | 8 1/8 | $406.25 |
| 500C | 1 5/8 | $81.25 | |
| 550C | 5/8 | $31.25 | |
| ATM 430C 15 1/2 | ATM STRADDLE 31 1/2 | EXPIRES 4/26/24 | |
| JUL’24 440 1/4 | 500C | 7 | $350 |
| 550C | 2 3/4 | $137.50 | |
| 600C | 1 3/8 | $68.75 | |
| ATM 440C 23 1/2 | ATM STRADDLE 46 3/4 | EXPIRES 6/21/24 | |
| SEP’24 447 | 500C | 16 1/8 | $806.25 |
| 550C | 8 1/4 | $412.50 | |
| 600C | 4 1/2 | $225 | |
| ATM 450C 31 5/8 | ATM STRADDLE 66 1/4 | EXPIRES 8/23/24 |
CORN PUTS
| MONTH | STRIKE | PRICE | COST |
| MAY’24 429 1/2 | 400P | 5 | $250 |
| 375P | 1 3/4 | $87.50 | |
| 350P | 3/4 | $37.50 | |
| ATM 430P 16 | ATM STRADDLE 31 1/2 | EXPIRES 4/26/24 | |
| JUL’24 440 1/4 | 400P | 7 5/8 | $381.25 |
| 350P | 1 3/8 | $68.75 | |
| 300P | 1/4 | $12.50 | |
| ATM 440P 23 1/4 | ATM STRADDLE 46 3/4 | EXPIRES 6/21/24 | |
| SEP’24 447 | 400P | 12 5/8 | $631.25 |
| 350P | 3 1/8 | $156.25 | |
| 300P | 5/8 | $31.25 | |
| ATM 450P 34 5/8 | ATM STRADDLE 66 1/4 | EXPIRES 8/23/24 |
DECEMBER’24 CORN
| CURRENT PRICE | PRICE ACTION | PRICE AFTER MOVE | STRIKE | CURRENT PRICE |
| 458 3/4 | 10% BULL MOVE | 504 5/8 | 500C | 23 1/4 |
| 458 3/4 | 10% BEAR MOVE | 412 7/8 | 420P | 19 1/4 |
| 458 3/4 | 20% BULL MOVE | 550 1/2 | 550C | 12 3/4 |
| 458 3/4 | 20% BEAR MOVE | 367 | 370P | 5 7/8 |
| 458 3/4 | 30% BULL MOVE | 596 3/8 | 590C | 8 1/8 |
| 458 3/4 | 30% BEAR MOVE | 321 1/8 | 330P | 1 7/8 |
WHEAT CALLS
| MONTH | STRIKE | PRICE | COST |
| MAY’24 559 | 600C | 12 3/8 | $618.75 |
| 650C | 4 7/8 | $243.75 | |
| 670C | 2 1/4 | $112.50 | |
| ATM 560C 25 3/8 | ATM STRADDLE 51 5/8 | EXPIRES 4/26/24 | |
| JUL’24 561 3/4 | 650C | 11 3/4 | $587.50 |
| 700C | 6 5/8 | $311.25 | |
| 750C | 4 | $200 | |
| ATM 560C 35 3/4 | ATM STRADDLE 69 3/4 | EXPIRES 6/21/24 | |
| SEP’24 570 1/2 | 650C | 20 1/2 | $1,025 |
| 700C | 12 7/8 | $643.75 | |
| 750C | 8 3/8 | $418.75 | |
| ATM 570C 44 1/4 | ATM STRADDLE 88 | EXPIRES 8/23/24 |
WHEAT PUTS
| MONTH | STRIKE | PRICE | COST |
| MAY’24 559 | 525P | 11 | $550 |
| 500P | 4 7/8 | $243.75 | |
| 475P | 1 7/8 | $93.75 | |
| ATM 560P 26 1/4 | ATM STRADDLE 51 5/8 | EXPIRES 4/26/24 | |
| JUL’24 561 3/4 | 500P | 9 7/8 | $493.75 |
| 450P | 2 3/8 | $118.75 | |
| 400P | 1/2 | $25 | |
| ATM 560P 34 | ATM STRADDLE 69 3/4 | EXPIRES 6/21/24 | |
| SEP’24 570 1/2 | 500P | 13 3/4 | $687.50 |
| 450P | 4 1/2 | $225 | |
| 400P | 1 1/4 | $62.50 | |
| ATM 570P 43 3/4 | ATM STRADDLE 88 | EXPIRES 8/23/24 |
DECEMBER’24 WHEAT
| CURRENT PRICE | PRICE ACTION | PRICE AFTER MOVE | STRIKE | CURRENT PRICE |
| 584 3/4 | 10% BULL MOVE | 643 1/4 | 640C | 32 |
| 584 3/4 | 10% BEAR MOVE | 526 1/4 | 530P | 24 3/4 |
| 584 3/4 | 20% BULL MOVE | 701 3/4 | 730C | 19 5/8 |
| 584 3/4 | 20% BEAR MOVE | 467 7/8 | 470P | 8 3/8 |
| 584 3/4 | 30% BULL MOVE | 760 1/8 | 760C | 12 5/8 |
| 584 3/4 | 30% BEAR MOVE | 409 1/4 | 410P | 2 1/8 |
THE ABOVE PRICES REFLECT CURRENT DATE AND SETTLEMENT PRICES AND EXCLUDES THE COST OF COMMISSIONS AND FEES. THERE IS A SUBSTANTIAL RISK OF LOSS WHEN TRADING FUTURES OR OPTIONS ON FUTURES AND EACH INVESTOR OR TRADER MUST CONSIDER WHETHER IT IS A SUITABLE INVESTMENT. PURCHASE OF LONG OPTIONS CAN RESULT IN THE LOSS OF THE ENTIRE PURCHASE PRICE PLUS COSTS.
I have Option Strike prices every Friday.
I have market commentary and Option charts in Pure Hedge – Livestock
Pure Hedge – Grain at WWW.WALSHTRADING.COM
Call for specific trade recommendations.
1-312-957-8079
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Bill Allen
Senior Account Executive
Direct: 1 312 957 8079
WALSH TRADING INC.
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