12/1/23
The Soybean did not stop dropping today. January’24 Soybeans dropped another 17 ¾ cents today and settled at 1325, just above the low of 1323 ½. March’24 Corn gained 2 cents today and settled at 484 ¾. The wheat was actually higher today, March’24 Wheat gained 4 ¾ today and settled at 602 ¾. Since 11-24 March Wheat is up 25 ½ cents or almost 4 ½%. I believe the Soybeans are priced too high, and that will result in record planting, making me even more Bearish. I believe now is the time to get in front of that and hedge or put on option positions. I see option trades that I feel would fit in well with the current market conditions. I still like the $13.00 level for January’24 Soybeans, (21 Day’s to Jan’24 option expiration) and after that I believe they will slide down to $11.50 or lower… I recommend hedging in July’24 Soybeans now. There is risk in everything, but I see opportunity in the Option markets. Next Year’s Prices: August’24 Soybeans 1345 ½, September’24 Corn 508 ¼, September’24 Wheat 642.
SOYBEAN CALLS
| MONTH | STRIKE | PRICE | COST |
| JAN’24 1325 | 1400C | 2 1/2 | $125 |
| 1450C | 5/8 | $31.25 | |
| 1500C | 1/4 | $12.50 | |
| ATM 1330C 18 | ATM STRADDLE 41 | EXPIRES 12/22/23 | |
| MAR’24 1345 1/2 | 1400C | 23 5/8 | $1,181.25 |
| 1450C | 13 | $650 | |
| 1500C | 7 | $350 | |
| ATM 1350C 41 5/8 | ATM STRADDLE 87 3/4 | EXPIRES 2/23/24 | |
| JUL’24 1367 | 1500C | 29 1/4 | $1,462.50 |
| 1600C | 14 3/4 | $737.50 | |
| 1700C | 7 3/4 | $387.50 | |
| ATM 1360C 74 1/2 | ATM STRADDLE 142 1/8 | EXPIRES 6/21/24 |
SOYBEAN PUTS
| MONTH | STRIKE | PRICE | COST |
| JAN’24 1325 | 1300P | 9 7/8 | $493.75 |
| 1250P | 1 3/4 | $87.50 | |
| 1200P | 3/8 | $18.75 | |
| ATM 1330P 23 | ATM STRADDLE 41 | EXPIRES 12/22/23 | |
| MAR’24 1345 1/2 | 1300P | 24 | $1,200 |
| 1250P | 10 3/4 | $537.50 | |
| 1200P | 4 1/2 | $225 | |
| ATM 1350P 46 1/8 | ATM STRADDLE 87 3/4 | EXPIRES 2/23/24 | |
| JUL’24 1367 | 1200P | 14 5/8 | $731.25 |
| 1100P | 4 1/2 | $225 | |
| 1000P | 1 1/2 | $75 | |
| ATM 1360P 67 5/8 | ATM STRADDLE 142 1/8 | EXPIRES 6/21/24 |
AUGUST’24 SOYBEANS
| CURRENT PRICE | PRICE ACTION | PRICE AFTER MOVE | STRIKE | CURRENT PRICE |
| 1345 1/2 | 10% BULL MOVE | 1480 | 1480C | 34 3/8 |
| 1345 1/2 | 10% BEAR MOVE | 1210 7/8 | 1220P | 27 1/2 |
| 1345 1/2 | 20% BULL MOVE | 1614 5/8 | 1600C | 16 1/2 |
| 1345 1/2 | 20% BEAR MOVE | 1076 3/8 | 1080P | 6 |
| 1345 1/2 | 30% BULL MOVE | 1749 1/8 | 1740C | 7 1/2 |
| 1345 1/2 | 30% BEAR MOVE | 941 7/8 | 960P | 1 3/4 |
CORN CALLS
| MONTH | STRIKE | PRICE | COST |
| MAR’24 484 3/4 | 500C | 11 | $550 |
| 530C | 4 1/2 | $225 | |
| 560C | 1 7/8 | $93.75 | |
| ATM 480C 19 1/8 | ATM STRADDLE 33 5/8 | EXPIRES 2/23/24 | |
| MAY’24 496 3/4 | 550C | 8 7/8 | $443.75 |
| 600C | 3 1/2 | $175 | |
| 650C | 1 5/8 | $81.25 | |
| ATM 500C 23 | ATM STRADDLE 49 1/8 | EXPIRES 4/26/24 | |
| JUL’24 506 | 550C | 16 3/8 | $818.75 |
| 600C | 7 7/8 | $393.75 | |
| 650C | 4 | $200 | |
| ATM 510C 29 1/8 | ATM STRADDLE 62 1/8 | EXPIRES 6/21/24 |
CORN PUTS
| MONTH | STRIKE | PRICE | COST |
| MAR’24 484 3/4 | 460P | 6 5/8 | $331.25 |
| 430P | 1 5/8 | $81.25 | |
| 400P | 1/2 | $25 | |
| ATM 480P 14 1/2 | ATM STRADDLE 33 5/8 | EXPIRES 2/23/24 | |
| MAY’24 496 3/4 | 460P | 8 3/4 | $437.50 |
| 430P | 3 1/8 | $156.25 | |
| 400P | 1 1/8 | $56.25 | |
| ATM 500P 26 1/8 | ATM STRADDLE 49 1/8 | EXPIRES 4/26/24 | |
| JUL’24 506 | 450P | 8 1/8 | $406.25 |
| 400P | 1 3/4 | $87.50 | |
| 350P | 1/2 | $25 | |
| ATM 510P 33 | ATM STRADDLE 62 1/8 | EXPIRES 6/21/24 |
SEPTEMBER’24 CORN
| CURRENT PRICE | PRICE ACTION | PRICE AFTER MOVE | STRIKE | CURRENT PRICE |
| 508 1/4 | 10% BULL MOVE | 560 1/8 | 560C | 21 1/2 |
| 508 1/4 | 10% BEAR MOVE | 458 3/8 | 410P | 5 1/2 |
| 508 1/4 | 20% BULL MOVE | 611 1/8 | 610C | 12 1/4 |
| 508 1/4 | 20% BEAR MOVE | 407 3/8 | 360P | 1 5/8 |
| 508 1/4 | 30% BULL MOVE | 662 1/8 | 660C | 7 1/4 |
| 508 1/4 | 30% BEAR MOVE | 356 1/2 | 310P | 3/8 |
WHEAT CALLS
| MONTH | STRIKE | PRICE | COST |
| MAR’24 602 3/4 | 650C | 15 5/8 | $781.25 |
| 700C | 7 7/8 | $393.75 | |
| 750C | 4 3/8 | $218.75 | |
| ATM 600C 31 3/4 | ATM STRADDLE 60 3/4 | EXPIRES 2/23/24 | |
| MAY’24 617 | 700C | 18 3/4 | $937.50 |
| 750C | 12 | $600 | |
| 800C | 8 | $400 | |
| ATM 620C 40 3/4 | ATM STRADDLE 84 1/2 | EXPIRES 4/26/24 | |
| JUL’24 628 1/4 | 700C | 27 3/4 | $1,387.50 |
| 800C | 13 | $650 | |
| 900C | 7 | $350 | |
| ATM 630C 48 5/8 | ATM STRADDLE 99 | EXPIRES 6/21/24 |
WHEAT PUTS
| MONTH | STRIKE | PRICE | COST |
| MAR’24 602 3/4 | 550P | 8 5/8 | $431.25 |
| 525P | 4 1/8 | $206.25 | |
| 500P | 1 3/4 | $87.50 | |
| ATM 600P 13 5/8 | ATM STRADDLE 60 3/4 | EXPIRES 2/23/24 | |
| MAY’24 617 | 550P | 12 3/4 | $637.50 |
| 500P | 3 7/8 | $193.75 | |
| 450P | 1 1/8 | $56.25 | |
| ATM 620P 43 3/4 | ATM STRADDLE 84 1/2 | EXPIRES 4/26/24 | |
| JUL’24 628 1/4 | 550P | 15 | $750 |
| 500P | 5 1/8 | $256.25 | |
| 450P | 1 5/8 | $81.25 | |
| ATM 630P 50 3/8 | ATM STRADDLE 99 | EXPIRES 6/21/24 |
SEPTEMBER’24 WHEAT
| CURRENT PRICE | PRICE ACTION | PRICE AFTER MOVE | STRIKE | CURRENT PRICE |
| 642 | 10% BULL MOVE | 706 1/4 | 700C | 38 7/8 |
| 642 | 10% BEAR MOVE | 577 7/8 | 580P | 27 1/4 |
| 642 | 20% BULL MOVE | 770 1/2 | 770C | 24 5/8 |
| 642 | 20% BEAR MOVE | 513 3/4 | 520P | 10 1/4 |
| 642 | 30% BULL MOVE | 834 3/4 | 830C | 17 |
| 642 | 30% BEAR MOVE | 449 1/2 | 450P | 2 3/8 |
I have market commentary and option charts in Pure Hedge – Livestock
and Pure Hedge – Grain at WWW.WALSHTRADING.COM
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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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