12/8/23
The Grain Markets broke after the release of the WASDE Report this morning. January’24 Soybeans were 7 ¾ cents lower today and settled at 1304. The beans broke from their high today of 1330 ¾ after the Report. Since 11/8 Jan’24 Beans are down 61 ¾ cents or 4 ½%. March’24 Corn gave back 2 ½ cents today and settled at 485 ½. Since 11/8 Mar’24 Corn is 4 ½ cents lower or almost 1%. The Wheat market also broke today. March’24 Wheat fell 10 ½ cents today and settled at 631 ¾. Since 11/8 Mar’24 Wheat is 15 ¼ cents higher or almost 2 ½%. Today was a perfect example of selling into any strength in the Grains. The Grain markets turned around from their highs, just after the report. Jan’24 Soybeans broke over 30 cents from their highs today. I hope you took advantage of that opportunity, if not, I feel there will be other moves higher you can lean into. It is still my opinion that the Jan’24 Soybeans will expire around the $13.00 level, and will continue lower from there… I like the $11.50 level in Soybeans next Summer or Fall. I recommend hedging in July’24 Soybeans now. There is always opportunity if you know where to look for it. Next Year’s Prices: August’24 Soybeans 1323 1/4, September’24 Corn 507 1/2, September’24 Wheat 654 3/4.
SOYBEAN CALLS
| MONTH | STRIKE | PRICE | COST |
| JAN’24 1304 | 1400C | 3/4 | $37.50 |
| 1450C | 1/4 | $12.50 | |
| 1500C | 1/8 | $6.25 | |
| ATM 1300C 18 5/8 | ATM STRADDLE 33 1/4 | EXPIRES 12/22/23 | |
| MAR’24 1323 | 1400C | 15 1/8 | $756.25 |
| 1450C | 7 5/8 | $381.25 | |
| 1500C | 4 | $200 | |
| ATM 1320C 42 1/8 | ATM STRADDLE 81 1/4 | EXPIRES 2/23/24 | |
| JUL’24 1344 | 1500C | 21 1/4 | $1,062.50 |
| 1600C | 10 1/8 | $506.25 | |
| 1700C | 5 1/4 | $262.50 | |
| ATM 1340C 69 | ATM STRADDLE 134 1/8 | EXPIRES 6/21/24 |
SOYBEAN PUTS
| MONTH | STRIKE | PRICE | COST |
| JAN’24 1304 | 1270P | 5 1/8 | $256.25 |
| 1250P | 2 1/2 | $125 | |
| 1200P | 3/8 | $18.75 | |
| ATM 1300P 14 5/8 | ATM STRADDLE 33 1/4 | EXPIRES 12/22/23 | |
| MAR’24 1323 | 1300P | 30 | $1,500 |
| 1250P | 14 | $700 | |
| 1200P | 6 | $300 | |
| ATM 1320P 39 1/8 | ATM STRADDLE 81 1/4 | EXPIRES 2/23/24 | |
| JUL’24 1344 | 1200P | 16 7/8 | $843.75 |
| 1100P | 5 3/8 | $268.75 | |
| 1000P | 1 7/8 | $93.75 | |
| ATM 1340P 65 1/8 | ATM STRADDLE 134 1/8 | EXPIRES 6/21/24 |
AUGUST’24 SOYBEAN
| CURRENT PRICE | PRICE ACTION | PRICE AFTER MOVE | STRIKE | CURRENT PRICE |
| 1323 1/4 | 10% BULL MOVE | 1455 5/8 | 1440C | 34 1/2 |
| 1323 1/4 | 10% BEAR MOVE | 1190 7/8 | 1200P | 25 3/4 |
| 1323 1/4 | 20% BULL MOVE | 1587 7/8 | 1580C | 13 5/8 |
| 1323 1/4 | 20% BEAR MOVE | 1058 5/8 | 1060P | 5 3/4 |
| 1323 1/4 | 30% BULL MOVE | 1720 1/4 | 1720C | 6 |
| 1323 1/4 | 30% BEAR MOVE | 926 3/8 | 940P | 1 3/4 |
CORN CALLS
| MONTH | STRIKE | PRICE | COST |
| MAR’24 485 1/2 | 500C | 9 1/4 | $462.50 |
| 530C | 3 1/4 | $162.50 | |
| 560C | 1 1/4 | $62.50 | |
| ATM 485C 15 1/4 | ATM STRADDLE 30 | EXPIRES 2/23/24 | |
| MAY’24 497 1/2 | 550C | 7 5/8 | $381.25 |
| 600C | 2 3/4 | $137.50 | |
| 650C | 1 1/4 | $62.50 | |
| ATM 500C 21 5/8 | ATM STRADDLE 45 3/4 | EXPIRES 4/26/24 | |
| JUL’24 506 | 550C | 14 7/8 | $743.75 |
| 600C | 6 7/8 | $343.75 | |
| 650C | 3 3/8 | $168.75 | |
| ATM 500C 32 | ATM STRADDLE 58 1/8 | EXPIRES 6/21/24 |
CORN PUTS
| MONTH | STRIKE | PRICE | COST |
| MAR’24 485 1/2 | 460P | 5 1/8 | $256.25 |
| 430P | 1 1/8 | $56.25 | |
| 400P | 3/8 | $18.75 | |
| ATM 485P 14 3/4 | ATM STRADDLE 30 | EXPIRES 2/23/24 | |
| MAY’24 497 1/2 | 460P | 7 1/2 | $375 |
| 430P | 2 1/2 | $125 | |
| 400P | 3/4 | $37.50 | |
| ATM 500P 24 1/8 | ATM STRADDLE 45 3/4 | EXPIRES 4/26/24 | |
| JUL’24 506 | 450P | 7 3/8 | $368.75 |
| 400P | 1 1/2 | $75 | |
| 350P | 3/8 | $18.75 | |
| ATM 500P 26 1/8 | ATM STRADDLE 58 1/8 | EXPIRES 6/21/24 |
SEPTEMBER’24 CORN
| CURRENT PRICE | PRICE ACTION | PRICE AFTER MOVE | STRIKE | CURRENT PRICE |
| 507 1/2 | 10% BULL MOVE | 558 1/4 | 550C | 22 1/2 |
| 507 1/2 | 10% BEAR MOVE | 456.75 | 460P | 15 3/8 |
| 507 1/2 | 20% BULL MOVE | 609 | 600C | 12 3/8 |
| 507 1/2 | 20% BEAR MOVE | 406 | 410P | 4 1/4 |
| 507 1/2 | 30% BULL MOVE | 659 3/4 | 650C | 7 1/8 |
| 507 1/2 | 30% BEAR MOVE | 355 1/4 | 360P | 1 |
WHEAT CALLS
| MONTH | STRIKE | PRICE | COST |
| MAR’24 631 3/4 | 650C | 25 5/8 | $1,281.25 |
| 700C | 13 1/8 | $656.25 | |
| 750C | 7 1/8 | $356.25 | |
| ATM 630C 33 3/8 | ATM STRADDLE 65 | EXPIRES 2/23/24 | |
| MAY’24 640 1/2 | 700C | 25 1/2 | $1,275 |
| 750C | 16 3/8 | $818.75 | |
| 800C | 10 7/8 | $543.75 | |
| ATM 640C 44 5/8 | ATM STRADDLE 88 3/4 | EXPIRES 4/26/24 | |
| JUL’24 645 1/2 | 700C | 33 7/8 | $1,693.78 |
| 800C | 16 1/8 | $806.25 | |
| 900C | 8 5/8 | $431.25 | |
| ATM 650C 49 3/4 | ATM STRADDLE 103 7/8 | EXPIRES 6/21/24 |
WHEAT PUTS
| MONTH | STRIKE | PRICE | COST |
| MAR’24 631 3/4 | 550P | 4 5/8 | $231.25 |
| 525P | 2 1/8 | $106.25 | |
| 500P | 1 | $50 | |
| ATM 630P 31 5/8 | ATM STRADDLE 65 | EXPIRES 2/23/24 | |
| MAY’24 640 1/2 | 550P | 8 7/8 | $443.75 |
| 500P | 2 3/4 | $137.50 | |
| 450P | 3/4 | $37.50 | |
| ATM 640P 44 5/8 | ATM STRADDLE 88 3/4 | EXPIRES 4/26/24 | |
| JUL’24 645 1/2 | 550P | 12 1/8 | $606.25 |
| 500P | 4 1/8 | $206.25 | |
| 450P | 1 1/4 | $62.50 | |
| ATM 650P 54 1/8 | ATM STRADDLE 103 7/8 | EXPIRES 6/21/24 |
SEPTEMBER’24 WHEAT
| CURRENT PRICE | PRICE ACTION | PRICE AFTER MOVE | STRIKE | CURRENT PRICE |
| 654 3/4 | 10% BULL MOVE | 720 1/4 | 720C | 38 3/4 |
| 654 3/4 | 10% BEAR MOVE | 589 3/8 | 590P | 27 7/8 |
| 654 3/4 | 20% BULL MOVE | 785 3/4 | 780C | 26 1/4 |
| 654 3/4 | 20% BEAR MOVE | 523 3/4 | 530P | 10 3/4 |
| 654 3/4 | 30% BULL MOVE | 851 1/8 | 850C | 17 3/8 |
| 654 3/4 | 30% BEAR MOVE | 458 3/8 | 460P | 2 3/4 |
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
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Direct: 1 312 957 8079
WALSH TRADING INC.
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Chicago, Illinois 60604
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