2/23/24
The Soybean Market was crushed today, and the Cattle Markets continued to post gains. April’24 Live Cattle were 1.350 higher today and settled at 187.900, just below today’s high of 188.300. The 1-month high is 189.200. Today’s low was 185.850 and the 1-month low is 177.425. Since 1/23 April’24 Live Cattle are 10.075 higher or more than 5 ½%. The feeders had a big move higher. March’24 Feeder Cattle were 2.525 higher today and settled at 254.575, just below today’s high and the 1-month high of 254.750. today’s low was 251.050 and the 1-month low is 231.975. Since 1/23 March’24 Feeder Cattle are 20.925 higher or almost 9%. The Hogs were unchanged today. April’24 Lean Hogs settled unchanged for the day at 87.200. Today’s high was 88.325 and the 1-month high is 88.900. Today’s low was 87.050 and the 1-month low is 79.500. Since 1/23 April’24 Lean Hogs are 6.875 higher or about 8 ½%. The Soybean Market has imploded as I expected and March’24 Soybeans have a new 52-week low. May’24 Soybeans were 10 ¾ cents lower today and settled at 1141 ¾. Today’s high was 1158 ½ and the 1-month high is 1252 ¾. Today’s low is also the 1-month low at 1138 ¼. Since 1/23 May’24 Soybeans are $1.05 ¼ lower or almost 8 ½%. The previous 52-week low in March’24 was 1145 ¼… I expect that number to keep changing. The current 52-week low in March’24 Soybeans is 1130 ¼. The Corn also fell today. May’24 Corn fell 5 cents today a settled at 413 ½, just above today’s low and the 1-month low of 411 ¾. Today’s high was 421 ¾ and the 1-month high is 463. Since 1/23 May’24 Corn is 43 ¼ cents lower or almost 9 ½%. The Wheat dropped today as well. May’24 Wheat dropped 9 ¾ cents today and settled at 569, just a penny above today’s low of 568. the 1-month and 52-week low is 553 ½. Today’s high was 587 ½ and the 1-month high is 626 ½. Since 1/23 May’24 Wheat is 37 ¾ cents lower or over 6%. The Soybean Market does not look good. New contract lows were set today, and I don’t see anything to stop the slide lower. The Corn Market once again slid lower following the Beans. March’24 Corn traded as low as 398 ½ today and settled under $4.00 at 399 ¾. If Corn falls another 20-30 cents, I feel like it could be a good price to start buying several months out. The Wheat Market does whatever it wants to, and I don’t have a plan for the Wheat Market yet, but I will. I am still Bearish the Cattle Market. I will be in Houston for the Commodity Classic on the 28th.
-Bill
312-957-8079
Last Friday’s Charts Below
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
Email me for free research.
Bill Allen
Senior Account Executive
Direct: 1 312 957 8079
WALSH TRADING INC.
53 West Jackson Boulevard, Suite 750
Chicago, Illinois 60604
Walsh Trading, Inc. is registered as a Guaranteed Introducing Broker with the Commodity Futures Trading Commission and an NFA Member.
Futures and options trading involves substantial risk and is not suitable for all investors. Therefore, individuals should carefully consider their financial condition in deciding whether to trade. Option traders should be aware that the exercise of a long option will result in a futures position. The valuation of futures and options may fluctuate, and as a result, clients may lose more than their original investment. The information contained on this site is the opinion of the writer or was obtained from sources cited within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in market prices. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
All information, communications, publications, and reports, including this specific material, used and distributed by Walsh Trading, Inc. (“WTI”) shall be construed as a solicitation for entering into a derivatives transaction. WTI does not distribute research reports, employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71.