10/27/23
The meats were all higher today but mixed for the week. December’23 live cattle were up 2.900 today and settled at 182.225 but down 2.400 for the week and below the 100-day moving average of 184.485. November’23 feeder cattle were slightly higher today, up 0.400 and settled at 236.900, that’s a loss of 5.325 for the week. December’23 lean hogs gained 1.850 today and settled at 70.475, up 4.475 for the week. I believe the cattle market will continue to break. Next year’s prices: June’24 Live Cattle 179.100, August’24 Feeder Cattle 257.800, August’24 Lean Hogs 93.775
LIVE CATTLE CALLS
| MONTH | STRIKE | PRICE | COST |
| DEC’23 182.225 | 190C | 0.550 | $220 |
| 195C | 0.200 | $80 | |
| 200C | 0.100 | $40 | |
| 205C | 0.050 | $20 | |
| 210C | 0.025 | $10 | |
| ATM 182C 2.850 | ATM STRADDLE 5.475 | EXPIRES 12/1/23 | |
| FEB’24 182.950 | 190C | 2.000 | $800 |
| 195C | 1.050 | $420 | |
| 200C | 0.550 | $220 | |
| 205C | 0.325 | $130 | |
| 210C | 0.175 | $70 | |
| ATM 183C 4.600 | ATM STRADDLE 8.950 | EXPIRES 2/2/24 | |
| APR’24 184.900 | 190C | 3.775 | $1510 |
| 195C | 2.300 | $920 | |
| 200C | 1.400 | $560 | |
| 205C | 0.850 | $340 | |
| 210C | 0.525 | $210 | |
| ATM 185C 5.900 | ATM STRADDLE 11.900 | EXPIRES 4/5/24 |
LIVE CATTLE PUTS
| MONTH | STRIKE | PRICE | COST |
| DEC’23 182.225 | 180P | 1.800 | $720 |
| 175P | 0.650 | $260 | |
| 170P | 0.275 | $110 | |
| 165P | 0.125 | $50 | |
| 160P | 0.075 | $30 | |
| ATM 182P 2.625 | ATM STRADDLE 5.475 | EXPIRES 12/1/23 | |
| FEB’24 182.950 | 180P | 3.325 | $1330 |
| 175P | 1.800 | $720 | |
| 170P | 0.950 | $380 | |
| 165P | 0.525 | $210 | |
| 160P | 0.300 | $120 | |
| ATM 183P 4.650 | ATM STRADDLE 8.950 | EXPIRES 2/2/24 | |
| APR’24 184.900 | 181P | 4.275 | $1710 |
| 170P | 1.450 | $580 | |
| 165P | 0.875 | $350 | |
| 161P | 0.600 | $240 | |
| 155P | 0.300 | $120 | |
| ATM 185P 6.000 | ATM STRADDLE 11.900 | EXPIRES 4/5/24 |
JUNE’24 LIVE CATTLE
| CURRENT PRICE | PRICE ACTION | PRICE AFTER MOVE | STRIKE | CURRENT PRICE |
| 179.100 | 20% BULL MOVE | 214.920 | 214C | 0.400 |
| 179.100 | 20% BEAR MOVE | 143.280 | 144P | 0.325 |
| 179.100 | 30% BULL MOVE | 232.830 | 232C | 0.125 |
| 179.100 | 30% BEAR MOVE | 125.370 | 126P | 0.075 |
| 179,100 | 40% BULL MOVE | 250.740 | 250C | 0.050 |
| 179.100 | 40% BEAR MOVE | 107.400 | 108P | 0.013 |
FEEDER CATTLE CALLS
| MONTH | STRIKE | PRICE | COST |
| NOV’23 236.900 | 240C | 1.300 | $650 |
| 245C | 0.400 | $200 | |
| 250C | 0.125 | $62.50 | |
| 255C | 0.075 | $37.50 | |
| 260C | 0.050 | $25 | |
| ATM 236C 3.000 | ATM STRADDLE 5.100 | EXPIRES 11/16/23 | |
| JAN’24 235.700 | 240C | 4.075 | $2037.50 |
| 245C | 2.525 | $1262.50 | |
| 250C | 1.525 | $762.50 | |
| 255C | 0.925 | $462.50 | |
| 260C | 0.575 | $287.50 | |
| ATM 235C 6.300 | ATM STRADDLE 11.900 | EXPIRES 1/25/24 | |
| MAR’24 238.575 | 250C | 3.900 | $1,950 |
| 260C | 1.900 | $950 | |
| 270C | 0.950 | $475 | |
| 280C | 0.525 | $262.50 | |
| 290C | 0.325 | $162.50 | |
| ATM 238C 8.525 | ATM STRADDLE 16.475 | EXPIRES 3/28/24 |
FEEDER CATTLE PUTS
| MONTH | STRIKE | PRICE | COST |
| NOV’23 236.900 | 233P | 1.100 | $550 |
| 230P | 0.600 | $300 | |
| 225P | 0.225 | $112.50 | |
| 220P | 0.100 | $50 | |
| 215P | 0.050 | $25 | |
| ATM 236P 2.100 | ATM STRADDLE 5.100 | EXPIRES 11/16/23 | |
| JAN’24 235.700 | 230P | 3.525 | $1,762.50 |
| 225P | 2.125 | $1,062.50 | |
| 220P | 1.300 | $650 | |
| 215P | 0.800 | $400 | |
| 210P | 0.500 | $250 | |
| ATM 235P 5.600 | ATM STRADDLE 11.900 | EXPIRES 1/25/24 | |
| MAR’24 238.575 | 230P | 4.625 | $2,312.50 |
| 226P | 3.450 | $1,725 | |
| 220P | 2.150 | $1,075 | |
| 210P | 1.000 | $500 | |
| 200P | 0.500 | $250 | |
| ATM 238P 7.950 | ATM STRADDLE 16.475 | EXPIRES 3/28/24 |
AUGUST’24 FEEDER CATTLE
| CURRENT PRICE | PRICE ACTION | PRICE AFTER MOVE | STRIKE | CURRENT PRICE |
| 257.800 | 20% BULL MOVE | 309.360 | 308C | 1.600 |
| 257.800 | 20% BEAR MOVE | 206.240 | 208P | 1.325 |
| 257.800 | 30% BULL MOVE | 335.140 | 334C | 0.750 |
| 257.800 | 30% BEAR MOVE | 180.460 | 182P | 0.500 |
| 257.800 | 40% BULL MOVE | 360.920 | 360C | 0.450 |
| 257.800 | 40% BEAR MOVE | 154.680 | 156P | 0.175 |
LEAN HOG CALLS
| MONTH | STRIKE | PRICE | COST |
| DEC’23 70.475 | 75C | 0.775 | $310 |
| 80C | 0.225 | $90 | |
| 85C | 0.125 | $50 | |
| 90C | 0.050 | $20 | |
| 95C | 0.050 | $20 | |
| ATM 70C 2.575 | ATM STRADDLE 4.675 | EXPIRES 12/14/23 | |
| FEB’24 73.500 | 77C | 2.475 | $990 |
| 80C | 1.600 | $640 | |
| 85C | 0.750 | $300 | |
| 90C | 0.400 | $160 | |
| 95C | 0.225 | $90 | |
| ATM 74C 3.675 | ATM STRADDLE 7.850 | EXPIRES 2/14/24 | |
| APR’24 78.925 | 85C | 2.850 | $1,140 |
| 90C | 1.625 | $650 | |
| 95C | 0.950 | $380 | |
| 100C | 0.575 | $230 | |
| 106C | 0.325 | $130 | |
| ATM 79C 5.200 | ATM STRADDLE 10.475 | EXPIRES 4/12/24 |
LEAN HOG PUTS
| MONTH | STRIKE | PRICE | COST |
| DEC’23 70.475 | 67P | 1.050 | $420 |
| 65P | 0.625 | $250 | |
| 60P | 0.175 | $70 | |
| 57P | 0.075 | $30 | |
| 55P | 0.050 | $20 | |
| ATM 70P 2.100 | ATM STRADDLE 4.675 | EXPIRES 12/14/23 | |
| FEB’24 73.500 | 70P | 2.475 | $990 |
| 65P | 1.125 | $450 | |
| 60P | 0.500 | $200 | |
| 55P | 0.225 | $90 | |
| 50P | 0.100 | $40 | |
| ATM 74P 4.175 | ATM STRADDLE 7.850 | EXPIRES 2/14/24 | |
| APR’24 78.925 | 75P | 3.550 | $1,420 |
| 70P | 2.000 | $800 | |
| 65P | 1.075 | $430 | |
| 60P | 0.575 | $230 | |
| 56P | 0.325 | $130 | |
| ATM 79P 5.275 | ATM STRADDLE 10.475 | EXPIRES 4/12/24 |
AUGUST’24 LEAN HOGS
| CURRENT PRICE | PRICE ACTION | PRICE AFTER MOVE | STRIKE | CURRENT PRICE |
| 93.775 | 20% BULL MOVE | 112.530 | 112C | 1.550 |
| 93.775 | 20% BEAR MOVE | 75.000 | 76P | 1.575 |
| 93.775 | 30% BULL MOVE | 121.907 | 120C | 0.775 |
| 93.775 | 30% BEAR MOVE | 65.642 | 66P | 0.550 |
| 93.775 | 40% BULL MOVE | 131.285 | 130C | 0.375 |
| 93.775 | 40% BEAR MOVE | 56.490 | 58P | 0.225 |
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