11/10/23
The grain markets were crazy this week and mixed today, and for the week. The January’24 Soybeans were 4 cents higher today and settled at 1347 ½, down 4 ¼ for the week. On Wednesday 11/8 January’24 Soybeans traded 1384 ½, that is the high for this week and for the month. Since October 10th January’24 Soybeans are up 58 ¼ cents, or 4 ½%. December’23 Corn was 4 cents lower today and settled at 464, down 13 ¼ for the week. The low today in December’23 Corn was 461 ¾, that is also the weekly, monthly, and 52-week low. December’23 Wheat was down 5 ½ cents today, and settled at 575 ¼, up 2 ¾ for the week. Since October 10th December’23 Wheat is up 16 ¾ or 3%, but still down $2.45 YTD, almost 30%. The Soybean market had a couple big moves higher this week, but each time they broke back down. Today the January’24 Soybeans closed 37 cents off the weekly and monthly high. I have been bearish Soybeans, and I will continue to be bearish in the long-term. I still think the January’24 Soybeans will head to or below the $13.00 level. I believe there is still upside in the wheat market, especially with the turmoil in the Black Sea Region. Next year’s prices: August’24 Soybeans 1350 3/4, September’24 Corn 500 1/4, September’24 Wheat 642 3/4.
SOYBEAN CALLS
| MONTH | STRIKE | PRICE | COST |
| JAN’24 1351 3/4 | 1400C | 15 3/8 | $768.75 |
| 1500C | 3 | $150 | |
| 1600C | 3/4 | $37.50 | |
| ATM 1350C 33 1/4 | ATM STRADDLE 64 3/4 | EXPIRES 12/22/23 | |
| MAR’24 1366 1/2 | 1500C | 14 1/4 | $712.50 |
| 1600C | 5 3/8 | $281.25 | |
| 1700C | 2 1/4 | $112.50 | |
| ATM 1360C 54 1/2 | ATM STRADDLE 102 1/2 | EXPIRES 2/23/24 | |
| JUL’24 1384 1/4 | 1500C | 38 3/4 | $1,937.50 |
| 1600C | 21 1/8 | $1,056.25 | |
| 1700C | 11 5/8 | $581.25 | |
| ATM 1380C 78 5/8 | ATM STRADDLE 153 1/8 | EXPIRES 6/21/24 |
SOYBEAN PUTS
| MONTH | STRIKE | PRICE | COST |
| JAN’24 1351 3/4 | 1300P | 12 1/4 | $612.50 |
| 1250P | 4 1/8 | $206.25 | |
| 1200P | 1 1/2 | $75 | |
| ATM 1350P 31 1/2 | ATM STRADDLE 64 3/4 | EXPIRES 12/22/23 | |
| MAR’24 1366 1/2 | 1260P | 13 5/8 | $681.25 |
| 1200P | 5 7/8 | $293.75 | |
| 1160P | 3 5/8 | $181.25 | |
| ATM 1360P 48 | ATM STRADDLE 102 1/2 | EXPIRES 2/23/24 | |
| JUL’24 1384 1/4 | 1260P | 27 1/8 | $1,356.25 |
| 1200P | 14 7/8 | $743.75 | |
| 1160P | 9 7/8 | $493.75 | |
| ATM 1380P 74 1/2 | ATM STRADDLE 153 1/8 | EXPIRES 6/21/24 |
AUGUST’24 SOYBEANS
| CURRENT PRICE | PRICE ACTION | PRICE AFTER MOVE | STRIKE | CURRENT PRICE |
| 1363 | 10% BULL MOVE | 1635 5/8 | 1620C | 20 3/8 |
| 1363 | 10% BEAR MOVE | 1090 3/8 | 1100P | 8 3/8 |
| 1363 | 20% BULL MOVE | 1771 7/8 | 1760C | 9 3/4 |
| 1363 | 20% BEAR MOVE | 954 1/8 | 960P | 2 1/4 |
| 1363 | 30% BULL MOVE | 1908 1/4 | 1900C | 5 1/8 |
| 1363 | 30% BEAR MOVE | 917 3/4 | 920P | 1 5/8 |
CORN CALLS
| MONTH | STRIKE | PRICE | COST |
| DEC’23 477 1/4 | 500C | 1 7/8 | $93.75 |
| 520C | 5/8 | $31.25 | |
| 560C | 1/8 | $6.25 | |
| ATM 480C 6 7/8 | ATM STRADDLE 16 1/2 | EXPIRES 11/24/23 | |
| MAR’24 492 1/4 | 540C | 4 7/8 | $243.75 |
| 560C | 1 5/8 | $81.25 | |
| 600C | 3/4 | $37.50 | |
| ATM 490C 20 7/8 | ATM STRADDLE 39 5/8 | EXPIRES 2/23/24 | |
| JUL’24 510 | 550C | 20 | $1,000 |
| 600C | 10 1/4 | $512.50 | |
| 650C | 5 1/2 | $275 | |
| ATM 510C 33 5/8 | ATM STRADDLE 67 1/4 | EXPIRES 6/21/24 |
CORN PUTS
| MONTH | STRIKE | PRICE | COST |
| DEC’23 477 1/4 | 460P | 2 3/8 | $118.75 |
| 450P | 1 1/8 | $56.25 | |
| 440P | 5/8 | $31.25 | |
| ATM 480P 9 5/8 | ATM STRADDLE 16 1/2 | EXPIRES 11/24/23 | |
| MAR’24 492 1/4 | 460P | 7 | $350 |
| 430P | 2 1/4 | $112.50 | |
| 400P | 3/4 | $37.50 | |
| ATM 490P 18 3/4 | ATM STRADDLE 39 5/8 | EXPIRES 2/23/24 | |
| JUL’24 510 | 470P | 15 1/2 | $775 |
| 450P | 9 5/8 | $481.25 | |
| 430P | 5 3/4 | $287.50 | |
| ATM 510P 33 5/8 | ATM STRADDLE 67 1/4 | EXPIRES 6/21/24 |
SEPTEMBER’24 CORN
| CURRENT PRICE | PRICE ACTION | PRICE AFTER MOVE | STRIKE | CURRENT PRICE |
| 512 1/2 | 10% BULL MOVE | 615 | 610C | 14 3/8 |
| 512 1/2 | 10% BEAR MOVE | 410 | 410P | 5 1/2 |
| 512 1/2 | 20% BULL MOVE | 666 1/4 | 660C | 8 5/8 |
| 512 1/2 | 20% BEAR MOVE | 358 3/4 | 360P | 1 5/8 |
| 512 1/2 | 30% BULL MOVE | 717 1/2 | 710C | 5 1/2 |
| 512 1/2 | 30% BEAR MOVE | 307 1/2 | 310P | 3/8 |
WHEAT CALLS
| MONTH | STRIKE | PRICE | COST |
| DEC’23 572 1/2 | 600C | 6 1/8 | $306.25 |
| 650C | 1 1/2 | $75 | |
| 700C | 5/8 | $31.25 | |
| ATM 570C 16 | ATM STRADDLE 29 5/8 | EXPIRES 11/24/23 | |
| MAR’24 599 1/4 | 650C | 20 | $1,000 |
| 700C | 11 7/8 | $593.75 | |
| 750C | 7 1/2 | $375 | |
| ATM 600C 35 1/4 | ATM STRADDLE 71 1/8 | EXPIRES 2/23/24 | |
| JUL’24 632 | 700C | 32 3/8 | $1,618.75 |
| 750C | 23 | $1,150 | |
| 800C | 16 3/4 | $837.50 | |
| ATM 630C 54 1/8 | ATM STRADDLE 106 1/4 | EXPIRES 6/21/24 |
WHEAT PUTS
| MONTH | STRIKE | PRICE | COST |
| DEC’23 572 1/2 | 550P | 5 5/8 | $281.25 |
| 540P | 3 1/4 | $162.50 | |
| 520P | 1 1/8 | $56.25 | |
| ATM 570P 13 5/8 | ATM STRADDLE 29 5/8 | EXPIRES 11/24/23 | |
| MAR’24 599 1/4 | 550P | 13 | $650 |
| 520P | 6 | $300 | |
| 500P | 3 3/8 | $168.75 | |
| ATM 600P 35 7/8 | ATM STRADDLE 71 1/8 | EXPIRES 2/23/24 | |
| JUL’24 632 | 600P | 36 3/8 | $1,818.75 |
| 550P | 16 7/8 | $843.75 | |
| 500P | 6 3/8 | $318.75 | |
| ATM 630P 52 1/8 | ATM STRADDLE 106 1/4 | EXPIRES 6/21/24 |
SEPTEMBER’24 WHEAT
| CURRENT PRICE | PRICE ACTION | PRICE AFTER MOVE | STRIKE | CURRENT PRICE |
| 645 3/4 | 10% BULL MOVE | 774 7/8 | 770C | 28 3/8 |
| 645 3/4 | 10% BEAR MOVE | 516 1/2 | 520P | 11 1/8 |
| 645 3/4 | 20% BULL MOVE | 839 1/2 | 830C | 20 1/4 |
| 645 3/4 | 20% BEAR MOVE | 452 1/8 | 460P | 3 3/8 |
| 645 3/4 | 30% BULL MOVE | 904 1/8 | 900C | 14 |
| 645 3/4 | 30% BEAR MOVE | 387 1/2 | 390P | 5/8 |
Bill Allen
Senior Account Executive
Direct: 1 312 957 8079
WALSH TRADING INC.
53 West Jackson Boulevard, Suite 750
Chicago, Illinois 60604
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