12/15/23
The Grain Markets were all higher today. January’24 Soybeans gained 1 ¾ today and settled at 1315 ¾. For the week Beans were up 11 ¾ or almost 1%, but still down 69 ¼ cents or 5% since 11/15. March Corn was 3 ¾ cents higher today and settled at 483, just below today’s high of 484. For the week, March’24 Corn is down 2 ½ cents and since 11/15 Corn is down 5 ½ cents or just over 1%. The Wheat Market had a nice gain today. March’24 Wheat was up 13 ½ cents todays and settled at 629 ¼, just below the high of 630 today. For the week Wheat is down 2 ½ cents, but since 11/15 March’24 Wheat is 41 ¼ cents higher or over 7%. I still feel that the beans are going to break, and that we see $11,50 Soybeans this Summer or Fall, and then head lower from there. 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 1331, September’24 Corn 505 1/2, September’24 Wheat 652 3/4.
SOYBEAN CALLS
| MONTH | STRIKE | PRICE | COST |
| JAN’24 1315 3/4 | 1400C | 1/2 | $25 |
| 1450C | 1/8 | $6.25 | |
| 1500C | 1/8 | $6.25 | |
| ATM 1320C 10 7/8 | ATM STRADDLE 26 | EXPIRES 12/22/23 | |
| MAR’24 1331 1/2 | 1400C | 17 1/8 | $856.25 |
| 1450C | 8 5/8 | $431.25 | |
| 1500C | 4 1/2 | $225 | |
| ATM 1330C 41 1/2 | ATM STRADDLE 81 1/2 | EXPIRES 2/23/24 | |
| JUL’24 1350 | 1500C | 22 3/4 | $1,137.50 |
| 1600C | 11 | $550 | |
| 1700C | 5 5/8 | $281.25 | |
| ATM 1340C 72 5/8 | ATM STRADDLE 135 1/2 | EXPIRES 6/21/24 |
SOYBEAN PUTS
| MONTH | STRIKE | PRICE | COST |
| JAN’24 1315 3/4 | 1270P | 1 1/4 | $62.50 |
| 1250P | 1/2 | $25 | |
| 1200P | 1/8 | $6.25 | |
| ATM 1320P 14 5/8 | ATM STRADDLE 26 | EXPIRES 12/22/23 | |
| MAR’24 1331 1/2 | 1300P | 26 5/8 | $1,331.25 |
| 1250P | 12 1/8 | $606.25 | |
| 1200P | 5 1/4 | $262.50 | |
| ATM 1330P 40 | ATM STRADDLE 81 1/2 | EXPIRES 2/23/24 | |
| JUL’24 1350 | 1200P | 16 1/2 | $825 |
| 1100P | 5 3/8 | $268.75 | |
| 1000P | 2 | $100 | |
| ATM 1340P 62 7/8 | ATM STRADDLE 135 1/2 | EXPIRES 6/21/24 |
AUGUST’24 SOYBEAN
| CURRENT PRICE | PRICE ACTION | PRICE AFTER MOVE | STRIKE | CURRENT PRICE |
| 1331 | 10% BULL MOVE | 1464 1/8 | 1460C | 32 1/2 |
| 1331 | 10% BEAR MOVE | 1197 7/8 | 1200P | 24 1/2 |
| 1331 | 20% BULL MOVE | 1597 1/4 | 1580C | 14 5/8 |
| 1331 | 20% BEAR MOVE | 1064 3/4 | 1080P | 7 |
| 1331 | 30% BULL MOVE | 1730 1/4 | 1720C | 6 1/4 |
| 1331 | 30% BEAR MOVE | 931 3/4 | 940P | 1 3/4 |
CORN CALLS
| MONTH | STRIKE | PRICE | COST |
| MAR’24 483 | 500C | 8 1/4 | $412.50 |
| 530C | 2 3/4 | $137.50 | |
| 560C | 1 1/8 | $56.25 | |
| ATM 485C 13 5/8 | ATM STRADDLE 29 1/4 | EXPIRES 2/23/24 | |
| MAY’24 495 1/4 | 550C | 6 7/8 | $343.75 |
| 600C | 2 1/2 | $125 | |
| 650C | 1 1/8 | $56.25 | |
| ATM 500C 20 1/4 | ATM STRADDLE 45 1/4 | EXPIRES 4/26/24 | |
| JUL’24 504 3/4 | 550C | 14 1/2 | $725 |
| 600C | 6 1/2 | $325 | |
| 650C | 3 1/4 | $162.50 | |
| ATM 500C 31 1/4 | ATM STRADDLE 57 3/4 | EXPIRES 6/21/24 |
CORN PUTS
| MONTH | STRIKE | PRICE | COST |
| MAR’24 483 | 460P | 5 3/8 | $268.25 |
| 430P | 1 1/8 | $56.25 | |
| 400P | 1/4 | $12.50 | |
| ATM 485P 15 5/8 | ATM STRADDLE 29 1/4 | EXPIRES 2/23/24 | |
| MAY’24 495 1/4 | 460P | 7 7/8 | $393.75 |
| 430P | 2 1/2 | $125 | |
| 400P | 7/8 | $43.75 | |
| ATM 500P 25 | ATM STRADDLE 45 1/4 | EXPIRES 4/26/24 | |
| JUL’24 504 3/4 | 450P | 7 5/8 | $381.25 |
| 400P | 1 1/2 | $75 | |
| 350P | 3/8 | $18.75 | |
| ATM 500P 26 1/2 | ATM STRADDLE 57 3/4 | EXPIRES 6/21/24 |
SEPTEMBER’24 CORN
| CURRENT PRICE | PRICE ACTION | PRICE AFTER MOVE | STRIKE | CURRENT PRICE |
| 505 1/2 | 10% BULL MOVE | 556 1/8 | 550C | 21 7/8 |
| 505 1/2 | 10% BEAR MOVE | 454 7/8 | 460P | 15 7/8 |
| 505 1/2 | 20% BULL MOVE | 606 3/4 | 600C | 12 1/8 |
| 505 1/2 | 20% BEAR MOVE | 404 1/2 | 410P | 4 1/2 |
| 505 1/2 | 30% BULL MOVE | 657 1/8 | 650C | 6 7/8 |
| 505 1/2 | 30% BEAR MOVE | 353 3/4 | 360P | 1 1/8 |
WHEAT CALLS
| MONTH | STRIKE | PRICE | COST |
| MAR’24 629 1/4 | 650C | 21 5/8 | $1,081.25 |
| 700C | 10 | $500 | |
| 750C | 5 | $250 | |
| ATM 630C 29 | ATM STRADDLE 58 3/4 | EXPIRES 2/23/24 | |
| MAY’24 639 1/2 | 700C | 22 5/8 | $1,131.25 |
| 750C | 13 3/4 | $687.50 | |
| 800C | 8 3/4 | $437.50 | |
| ATM 640C 41 1/2 | ATM STRADDLE 83 1/2 | EXPIRES 4/26/24 | |
| JUL’24 644 1/4 | 700C | 31 1/8 | $1,556.25 |
| 800C | 13 7/8 | $693.75 | |
| 900C | 7 | $350 | |
| ATM 640C 51 1/8 | ATM STRADDLE 98 | EXPIRES 6/21/24 |
WHEAT PUTS
| MONTH | STRIKE | PRICE | COST |
| MAR’24 629 1/4 | 550P | 3 5/8 | $181.25 |
| 525P | 1 1/2 | $75 | |
| 500P | 5/8 | $31.25 | |
| ATM 630P 29 3/4 | ATM STRADDLE 58 3/4 | EXPIRES 2/23/24 | |
| MAY’24 639 1/2 | 550P | 7 3/4 | $387.50 |
| 500P | 2 1/8 | $106.25 | |
| 450P | 5/8 | $31.25 | |
| ATM 640P 42 | ATM STRADDLE 83 1/2 | EXPIRES 4/26/24 | |
| JUL’24 644 1/4 | 550P | 11 | $550 |
| 500P | 3 5/8 | $181.25 | |
| 450P | 1 1/8 | $56.25 | |
| ATM 640P46 7/8 | ATM STRADDLE 98 | EXPIRES 6/21/24 |
SEPTEMBER’24 WHEAT
| CURRENT PRICE | PRICE ACTION | PRICE AFTER MOVE | STRIKE | CURRENT PRICE |
| 652 3/4 | 10% BULL MOVE | 718 1/8 | 710C | 37 5/8 |
| 652 3/4 | 10% BEAR MOVE | 587 3/8 | 590P | 27 3/4 |
| 652 3/4 | 20% BULL MOVE | 783 3/8 | 780C | 24 |
| 652 3/4 | 20% BEAR MOVE | 522 1/4 | 530P | 10 |
| 652 3/4 | 30% BULL MOVE | 848 1/2 | 840C | 16 1/2 |
| 652 3/4 | 30% BEAR MOVE | 456 7/8 | 460P | 2 3/8 |
I have market commentary and option charts in Pure Hedge – Livestock
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Bill Allen
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Direct: 1 312 957 8079
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