Pure Hedge – Grains

10/28/23

The grain markets were mixed on Friday and for the week. January’24 soybeans were 19 1/4 cents higher on Friday to regain the weeks losses, and settled at 1319 1/4, that’s 3/4 of a cent higher for the week. December’23 corn was slightly higher Friday, up 1 1/2 cents, to settle at 480 3/4, but still ended the week down 14 3/4 cents. December’23 wheat was lower for the day and for the week. December’23 wheat was down 4 cents Friday, and settled at 575 1/2, down 10 1/2 cents for the week. The grain markets have all moved lower this calendar year, and I feel that soybeans will continue to break. January’24 soybeans are 96 3/4 cents lower YTD, almost 7%. December’23 corn has declined $1.30 YTD, over 21%. December’23 wheat is sharply lower, down $2.44 3/4 YTD, a drop of almost 30%. Even though soybeans rallied Friday, I feel they will continue to break, with the corn following the soybeans lower. In my opinion there is still upside in the wheat market, especially with the turmoil in the Black Sea Region. Next year’s prices: August’24 Soybeans 1334 1/4, September’24 Corn 507 3/4, September’24 Wheat 647 3/4.

SOYBEAN CALLS

MONTH	STRIKE	PRICE	COST
JAN’24 1319 1/2	1350C	21 3/4	$1,087.50
	1400C	9 1/2	$475
	1450C	4 1/8	$206.25
	1500C	2	$100
	1550C	1 1/8	$56.25
	ATM 1320C 33 3/4	ATM STRADDLE 68	EXPIRES 12/22/23
MAR’24 1333 1/4	1400C	28 1/2	$1,425
	1460C	15 3/4	$787.50
	1500C	10 1/2	$525
	1600C	4 1/4	$212.50
	1700C	1 7/8	$93.75
	ATM 1340C 49 3/4	ATM STRADDLE 106 1/8	EXPIRES 2/23/24
JUL’24 1353 3/4	1440C	45	$2,250
	1500C	30 7/8	$1,543.75
	1600C	16 5/8	$831.25
	1700C	9 1/8	$456.25
	1800C	5 3/8	$268.75
	ATM 1360C 73 1/4	ATM STRADDLE 152 1/2	EXPIRES 6/21/24

SOYBEAN PUTS

MONTH	STRIKE	PRICE	COST
JAN’24 1319 1/2	1260P	11 3/4	$587.50
	1200P	3 1/4	$162.50
	1160P	1 5/8	$81.25
	1100P	5/8	$31.25
	1000P	1/4	$12.50
	ATM 1320P 34 1/4	ATM STRADDLE 68	EXPIRES 12/22/23
MAR’24 1333 1/4	1260P	22 1/2	$1,125
	1200P	9 1/2	$475
	1160P	5 1/8	$256.25
	1100P	2 1/4	$112.50
	1000P	3/4	$37.50
	ATM 1340P 56 3/8	ATM STRADDLE 106 1/8	EXPIRES 2/23/24
JUL’24 1353 3/4	1260P	35 1/4	$1,762.50
	1200P	19 1/4	$962.50
	1100P	6 3/8	$318.75
	1000P	2 1/4	$112.50
	900P	7/8	$43.75
	ATM 1360P 73 1/4	ATM STRADDLE 152 1/2	EXPIRES 6/21/24

AUGUST’24 SOYBEANS

CURRENT PRICE	PRICE ACTION	PRICE AFTER MOVE	STRIKE	CURRENT PRICE
1334 1/4	20% BULL MOVE	1601 1/8	1600C	18 3/8
1334 1/4	20% BEAR MOVE	1067 1/2	1080P	8 1/8
1334 1/4	30% BULL MOVE	1734 1/2	1720C	9 5/8
1334 1/4	30% BEAR MOVE	933 7/8	940P	2
1334 1/4	40% BULL MOVE	1867 7/8	1860C	5
1334 1/4	40% BEAR MOVE	800 1/2	800P	5/8

CORN CALLS

MONTH	STRIKE	PRICE	COST
DEC’23 480 3/4	500C	3 1/2	$175
	520C	1 1/4	$62.50
	560C	1/4	$12.50
	600C	1/4	$12.50
	640C	1/8	$6.25
	ATM 480C 10 1/8	ATM STRADDLE 19 1/2	EXPIRES 11/24/23
MAR’24 495 1/4	540C	7 3/4	$387.50
	560C	4 7/8	$243.75
	600C	2 1/8	$106.25
	650C	7/8	$43.75
	700C	1/2	$25
	ATM 500C 19 1/2	ATM STRADDLE 43 5/8	EXPIRES 2/23/24
JUL’24 509 1/2	550C	20 3/8	$1,018.75
	600C	10 3/8	$518.75
	650C	5 1/2	$275
	700C	3 1/8	$156.25
	750C	1 7/8	$93.75
	ATM 510C 34 1/4	ATM STRADDLE 69	EXPIRES 6/21/24

CORN PUTS

MONTH	STRIKE	PRICE	COST
DEC’23 480 3/4	460P	2 3/4	$137.50
	450P	1 1/2	$75
	440P	7/8	$43.75
	420P	1/4	$12.50
	400P	1/8	$6.25
	ATM 480P 9 3/8	ATM STRADDLE 19 1/2	EXPIRES 11/24/23
MAR’24 495 1/4	470P	10 3/4	$537.50
	450P	5 5/8	$281.25
	400P	1	$50
	370P	3/8	$18.75
	350P	1/8	$6.25
	ATM 500P 25 1/8	ATM STRADDLE 43 5/8	EXPIRES 2/23/24
JUL’24 509 1/2	470P	16 7/8	$843.75
	450P	10 7/8	$543.75
	430P	6 3/4	$337.50
	400P	3 1/8	$156.25
	350P	7/8	$43.75
	ATM 510P 34 3/4	ATM STRADDLE 69	EXPIRES 6/21/24

SEPTEMBER’24 CORN

CURRENT PRICE	PRICE ACTION	PRICE AFTER MOVE	STRIKE	CURRENT PRICE
507 3/4	20% BULL MOVE	609 1/4	600C	14 7/8
507 3/4	20% BEAR MOVE	406 3/8	410P	6 5/8
507 3/4	30% BULL MOVE	660 1/8	660C	8
507 3/4	30% BEAR MOVE	355 1/2	360P	2
507 3/4	40% BULL MOVE	710 3/4	710C	5
507 3/4	40% BEAR MOVE	304 5/8	310P	1/2

WHEAT CALLS

MONTH	STRIKE	PRICE	COST
DEC’23 575 1/2	600C	9 5/8	$481.25
	650C	2 3/4	$137.50
	700C	1 1/8	$56.25
	750C	5/8	$31.25
	800C	1/2	$25
	ATM 580C 16 1/8	ATM STRADDLE 36.75	EXPIRES 11/24/23
MAR’24 602 1/2	650C	22 1/4	$1,112.50
	700C	13 1/2	$675
	750C	8 1/2	$425
	800C	5 3/4	$287.50
	900C	2 7/8	$143.75
	ATM 600C 38 1/2	ATM STRADDLE 74 1/2	EXPIRES 2/23/24
JUL’24 633 3/4	700C	33 7/8	$1,693.75
	750C	24	$1,200
	800C	17 1/4	$862.50
	900C	9 5/8	$481.25
	1000C	6	$300
	ATM 630C 56	ATM STRADDLE 108 1/4	EXPIRES 6/21/24

WHEAT PUTS

MONTH	STRI400PKE	PRICE	COST
DEC’23 575 1/2	550P	7 1/4	$362.50
	540P	4 5/8	$231.25
	520P	1 3/4	$87.50
	500P	3/4	$37.50
	450P	1/8	$6.25
	ATM 580P 20 5/8	ATM STRADDLE 36 3/4	EXPIRES 11/24/23
MAR’24 602 1/2	550P	13 7/8	$693.75
	520P	6 5/8	$331.25
	500P	3 3/4	$187.50
	450P	1	$50
	400P	1/4	$12.50
	ATM 600P 38 1/2	ATM STRADDLE 74 1/2	EXPIRES 2/23/24
JUL’24 633 3/4	600P	36 1/2	$1,825
	550P	17 1/4	$862.50
	500P	6 3/4	$337.50
	450P	2 1/4	$112.50
	400P	3/4	$37.50
	ATM 630P 52 1/4	ATM STRADDLE 108 1/4	EXPIRES 6/21/24

SEPTEMBER’24 WHEAT

CURRENT PRICE	PRICE ACTION	PRICE AFTER MOVE	STRIKE	CURRENT PRICE
647 3/4	20% BULL MOVE	777 1/4	770C	29 1/4
647 3/4	20% BEAR MOVE	518 1/8	520P	11 1/4
647 3/4	30% BULL MOVE	842 1/8	840C	19 7/8
647 3/4	30% BEAR MOVE	453 1/2	460P	3 5/8
647 3/4	40% BULL MOVE	906 3/4	900C	14 5/8
647 3/4	40% BEAR MOVE	388 5/8	390P	5/8

Bill Allen
Senior Account Executive, Walsh Trading

Phone: 312-957-8079 or 800-556-9411
Email: [email protected]

www.walshtrading.com

Walsh Trading
53 W Jackson Suite 750
Chicago, Il 60604