10/21/23
The grain markets were all lower Friday, but still advanced for the week. November’23 soybeans dropped 13 1/4 cents Friday and settled at 1302 1/4, still a gain of 22 cents for the week. December’23 corn was down 9 1/2 cents Friday and settled at 495 1/2, a small gain of 2 1/4 cents for the week. December’23 wheat lost 8 cents Friday and settled at 586, a gain of 6 1/4 cents for the week. Grain prices have all declined this calendar year. Since the first of the year November’23 soybeans are down over 8% or $1.14 1/2. December’23 corn in down $1.15 1/4, just short of 19% YTD. December’23 wheat has had the biggest move for the calendar year down over 28%, or $2.34 1/4. As a percentage move, wheat is down 3.5 times more than soybeans this year. In my opinion soybeans can break another 15%, and if that happened, it would put July’24 soybeans at 1148. I feel that the corn market could break with the soybeans as well. However, I think there is upside in the wheat market. Next year’s prices: August’24 soybeans 1332 1/4, September’24 corn 517 1/4, September’24 wheat 659 1/4.
SOYBEAN CALLS
| MONTH | STRIKE | PRICE | COST |
| NOV’23 1302 1/4 | 1300C | 13 1/8 | $656.25 |
| 1350C | 3/4 | $37.50 | |
| 1400C | 1/8 | $6.25 | |
| 1450C | 1/8 | $6.25 | |
| 1500C | 1/8 | $6.25 | |
| ATM 1320C 13 1/8 | ATM STRADDLE 24 | EXPIRES 10/27/23 | |
| MAR’24 1331 | 1400C | 27 1/2 | $1,375 |
| 1460C | 15 1/4 | $762.50 | |
| 1500C | 10 1/4 | $512.50 | |
| 1560C | 5 3/4 | $287.50 | |
| 1600C | 4 | $200 | |
| ATM 1320C 57 5/8 | ATM STRADDLE 104 3/8 | EXPIRES 2/23/24 | |
| JUL’24 1350 3/4 | 1400C | 55 3/8 | $2,768.75 |
| 1460C | 38 1/8 | $1,906.25 | |
| 1500C | 29 3/4 | $1,487.50 | |
| 1560C | 20 3/8 | $1,018.75 | |
| 1600C | 15 7/8 | $793.75 | |
| ATM 1340C 79 5/8 | ATM STRADDLE 148.75 | EXPIRES 6/21/24 |
SOYBEAN PUTS
| MONTH | STRIKE | PRICE | COST |
| NOV’23 1302 1/4 | 1200P | 3/8 | $18.75 |
| 1150P | 1/8 | $6.25 | |
| 1100P | 1/8 | $6.25 | |
| 1050P | 1/8 | $6.25 | |
| 1000P | 1/8 | $6.25 | |
| ATM 1280P 10 7/8 | ATM STRADDLE 24 | EXPIRES 10/27/23 | |
| MAR’24 1331 | 1200P | 10 1/8 | $506.25 |
| 1160P | 5 3/4 | $287.50 | |
| 1100P | 2 3/4 | $137.50 | |
| 1060P | 1 3/4 | $87.50 | |
| 1000P | 1 | $50 | |
| ATM 1320P 57 5/8 | ATM STRADDLE 104 3/8 | EXPIRES 2/23/24 | |
| JUL’24 1350 3/4 | 1260P | 35 5/8 | $1,781.25 |
| 1200P | 19 1/2 | $975 | |
| 1160P | 12 5/8 | $631.25 | |
| 1100P | 6 5/8 | $331.25 | |
| 1060P | 4 3/8 | $218.75 | |
| ATM 1340P 69 1/8 | ATM STRADDLE 148 3/4 | EXPIRES 6/21/24 |
AUGUST’24 SOYBEANS
| CURRENT PRICE | PRICE ACTION | PRICE AFTER MOVE | STRIKE | CURRENT PRICE |
| 1332 1/4 | 20% BULL MOVE | 1598 3/4 | 1580C | 19 3/4 |
| 1332 1/4 | 20% BEAR MOVE | 1065 3/4 | 1080p | 8 3/8 |
| 1332 1/4 | 30% BULL MOVE | 1731 3/4 | 1720C | 9 3/8 |
| 1332 1/4 | 30% BEAR MOVE | 932 1/2 | 940P | 2 1/4 |
| 1332 1/4 | 40% BULL MOVE | 1865 1/4 | 1860C | 4 7/8 |
| 1332 1/4 | 40% BEAR MOVE | 799 1/4 | 800P | 5/8 |
CORN CALLS
| MONTH | STRIKE | PRICE | COST |
| DEC’23 495 1/2 | 500C | 9 5/8 | $481.25 |
| 550C | 1 3/8 | $68.75 | |
| 600C | 3/8 | $18.75 | |
| 650C | 1/8 | $6.25 | |
| 700C | 1/8 | $6.25 | |
| ATM 500C 9 5/8 | ATM STRADDLE 23 5/8 | EXPIRES 11/24/23 | |
| MAR’24 509 | 550C | 9 3/8 | $468.75 |
| 600C | 3 1/4 | $162.50 | |
| 650C | 1 1/2 | $75 | |
| 700C | 3/4 | $37.50 | |
| 750C | 1/2 | $25 | |
| ATM 510C 22 1/4 | ATM STRADDLE 45 1/2 | EXPIRES 2/23/24 | |
| JUL’24 521 3/4 | 550C | 24 7/8 | $1,243.75 |
| 600C | 13 | $650 | |
| 650C | 7 | $350 | |
| 700C | 4 1/8 | $206.25 | |
| 750C | 2 1/2 | $125 | |
| ATM 520C 36 3/8 | ATM STRADDLE 71 | EXPIRES 6/21/24 |
CORN PUTS
| MONTH | STRIKE | PRICE | COST |
| DEC’23 495 1/2 | 475P | 5 1/4 | $262.50 |
| 450P | 1 1/2 | $75 | |
| 425P | 1/2 | $25 | |
| 400P | 1/8 | $6.25 | |
| 350P | 1/8 | $6.25 | |
| ATM 500P 14 | ATM STRADDLE 23 5/8 | EXPIRES 11/24/23 | |
| MAR’24 509 | 470P | 8 1/4 | $412.50 |
| 450P | 4 3/8 | $218.75 | |
| 400P | 7/8 | $43.75 | |
| 370P | 3/8 | $18.75 | |
| 350P | 1/4 | $12.50 | |
| ATM 510P 22 1/2 | ATM STRADDLE 45 1/2 | EXPIRES 2/23/24 | |
| JUL’24 521 3/4 | 470P | 13 5/8 | $681.25 |
| 450P | 8 5/8 | $431.25 | |
| 400P | 2 1/2 | $125 | |
| 350P | 5/8 | $31.25 | |
| 300P | 1/8 | $6.25 | |
| ATM 520P 34 5/8 | ATM STRADDLE 71 | EXPIRES 6/21/24 |
SEPTEMBER’24 CORN
| CURRENT PRICE | PRICE ACTION | PRICE AFTER MOVE | STRIKE | CURRENT PRICE |
| 517 1/4 | 20% BULL MOVE | 620 3/4 | 620C | 13 5/8 |
| 517 1/4 | 20% BEAR MOVE | 413 3/4 | 420P | 6 7/8 |
| 517 1/4 | 30% BULL MOVE | 672 1/2 | 670C | 8 1/4 |
| 517 1/4 | 30% BEAR MOVE | 362 1/8 | 370P | 2 1/8 |
| 517 1/4 | 40% BULL MOVE | 724 1/4 | 720C | 5 1/4 |
| 517 1/4 | 40% BEAR MOVE | 310 1/2 | 320P | 5/8 |
WHEAT CALLS
| MONTH | STRIKE | PRICE | COST |
| DEC’23 586 | 600C | 15 3/4 | $787.50 |
| 650C | 5 3/4 | $287.50 | |
| 700C | 2 3/8 | $118.75 | |
| 750C | 1 1/4 | $62.50 | |
| 800C | 3/4 | $37.50 | |
| ATM 580C 24 | ATM STRADDLE 42 | EXPIRES 11/24/23 | |
| MAR’24 613 1/2 | 650C | 26 7/8 | $1,343.75 |
| 700C | 16 3/8 | $818.75 | |
| 750C | 10 3/8 | $518.75 | |
| 800C | 7 | $350 | |
| 850C | 4 7/8 | $243.75 | |
| ATM 610C 40 5/8 | ATM STRADDLE 77 7/8 | EXPIRES 2/23/24 | |
| JUL’24 645 1/2 | 700C | 37 5/8 | $1,881.25 |
| 750C | 26 3/4 | $1,337.50 | |
| 800C | 19 1/2 | $975 | |
| 850C | 14 1/2 | $725 | |
| 900C | 11 | $550 | |
| ATM 640C 58 1/8 | ATM STRADDLE 110 7/8 | EXPIRES 6/21/24 |
WHEAT PUTS
| MONTH | STRIKE | PRICE | COST |
| DEC’23 586 | 550P | 6 7/8 | $343.75 |
| 525P | 2 3/4 | $137.50 | |
| 500P | 1 1/8 | $56.25 | |
| 450P | 1/4 | $12.50 | |
| 400P | 1/8 | $6.25 | |
| ATM 580P 18 | ATM STRADDLE 42 | EXPIRES 11/24/23 | |
| MAR’24 613 1/2 | 550P | 12 1/8 | $606.25 |
| 500P | 3 3/4 | $187.50 | |
| 450P | 1 1/8 | $56.25 | |
| 400P | 3/8 | $18.75 | |
| 350P | 1/8 | $6.25 | |
| ATM 610P 37 1/4 | ATM STRADDLE 77 7/8 | EXPIRES 2/23/24 | |
| JUL’24 645 1/2 | 600P | 32 7/8 | $1,643.75 |
| 550P | 15 3/8 | $768.75 | |
| 500P | 6 | $300 | |
| 450P | 2 1/8 | $106.25 | |
| 400P | 3/4 | $37.50 | |
| ATM 640P 52 3/4 | ATM STRADDLE 110 7/8 | EXPIRES 6/21/24 |
SEPTEMBER’24 WHEAT
| CURRENT PRICE | PRICE ACTION | PRICE AFTER MOVE | STRIKE | CURRENT PRICE |
| 659 1/4 | 20% BULL MOVE | 791 1/8 | 770C | 32 1/4 |
| 659 1/4 | 20% BEAR MOVE | 527 1/2 | 520P | 9 7/8 |
| 659 1/4 | 30% BULL MOVE | 857 | 840C | 21 3/4 |
| 659 1/4 | 30% BEAR MOVE | 461 1/2 | 460P | 3 1/8 |
| 659 1/4 | 40% BULL MOVE | 923 | 900C | 15 7/8 |
| 659 1/4 | 40% BEAR MOVE | 395 1/2 | 390P | 1/2 |
Bill Allen
Senior Account Executive, Walsh Trading
Phone: 312-957-8079 or 800-556-9411
Email: ballen@walshtrading.com
Walsh Trading
53 W Jackson Suite 750
Chicago, Il 60604