Pure Hedge – Livestock and Grain

Bill AllenGeneral Commentary

1/8/24

Once again, the Live Cattle and the Grain Markets broke. February’24 Live Cattle declined 0.625 today and settled at 169.950, just above today’s low of 169.675. Today’s high of 173.250 is also the 1-month high. The 1-month low is 164.875 and the 52-week low is 162.400. Since 12/8 February’24 Live Cattle is 4.275 higher or more than 2 ½%. The Feeders were almost a dollar lower in today’s trading session but closed higher for the day. March’24 Feeder Cattle gained 0.925 today and settled at 225.075. Today’s high of 227.775 was just below the 1-month high of 228.125. The 52-week low is 210.625, so you know. Since 12/8 March’24 Feeder Cattle are up 8.925 or over 4%.  The Hogs closed higher today. February’24 Lean Hogs gained 0.600 today and settled at 70.600, just under today’s high of 70.775. The 1-month and 52-week low is 64.575. Since 12/8 February’24 Lean Hogs are 1.625 higher or over 2%. All of the Grain markets closed lower today. March’24 Soybeans dropped another 10 ¾ cents today and settled at 1245 ½. The Beans were 20 ¼ cents lower today at one point but were able to climb 9 ½ cents from today’s low of 1236, which is also the 1-month low. Just another reminder that the 52-week low in March’24 Soybeans is 1145 ¼… Since 12/8 March’24 Soybeans are 77 ½ cents lower or almost 6%. The Corn Market continued to break. March’24 Corn fell 5 ¾ cents today and settled at 455. Today’s low of 452 is also the 1-month and 52-week low. Since 12/8 March’24 Corn is 30 ½ cents lower or over 6%. The Wheat Market had a big break today and closed below $6.00. March’24 Wheat dropped 19 ¾ cents today and settled at 596 ¼, not far from today’s low of 593. The 1-month low is 591 ¼ and the 52-week low is 556 ¼. Since 12/8 March’24 Wheat is 35 ½ cents lower or more than 5 ½%. I hope everyone reading this has been trading and is still short these markets… I have been consistent in what I thought the markets were going to do, and I am not changing that today. The Option Trades I structured in these markets, over the last few months have been unbelievable, and I hope you have taken advantage of the market moves as well. My opinion has not changed, I still think the Soybean Market is heading lower. I feel that we will see $11.50 Soybeans this Summer or Fall, and then head toward the $9.00 level. I am still Bearish the Cattle Markets as well. If you are not being advised properly, give me a call. I will also be at CattleCon24 in Orlando, January 30th – February 3rd. Let me know if you would like to schedule a time to meet. There is risk in everything, but opportunity exists, if you know where to find it. 

-Bill 

312-957-8079

I have Option Strike prices every Friday.

I have market commentary and option charts in Pure Hedge – Livestock

and Pure Hedge – Grain at WWW.WALSHTRADING.COM 

Call for specific trade recommendations.

1-312-957-8079 

1.800.993.5449

Email me for free research. 

BAllen@walshtrading.com 

Bill Allen

Senior Account Executive

Direct:      1 312 957 8079

ballen@walshtrading.com

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