Pure Hedge – Livestock and Grain

Bill AllenGeneral Commentary

1/10/24

The Cattle and Grain markets were mixed again today, and the Beans were the biggest mover down. Live Cattle closed fractionally lower today, with February’24 Live Cattle down 0.025 today and settled at 170.750, just above today’s low of 170.500. The 1-month low is 164.875 and the 52-week low is 162.400. Since 12/8 February’24 Live Cattle are 4.875 higher or almost 3%. The Feeders gained over a dollar today. March’24 Feeder Cattle were 1.250 higher today and settled at 226.125, just two dollars below the 1-month high of 228.125. The 1-month low is 214.000. Since 12/8 March’24 Feeder Cattle are up 9.675 or almost 4 ½%. The Hogs posted a gain today as well. February Lean Hogs gained 0.200 today and settled at 72.075, not far below today’s high of 72.225, and the 1-month high of 73.050. The 1-month and 52-week low is 64.575. Since 12/8 February’24 Lean Hogs are up 3.050 or almost 4 ½%. The Corn and Wheat Markets closed higher today, while the Beans continued their slide lower. March’24 Soybeans dropped another 12 cents today and settled at 1236 ½, just above today’s low of 1235 ¼ and the 1-month low of 1234. I heard a Rumer the Soybeans are now less than a dollar from the 52-week low. March’24 Soybeans are just 91 ¼ cents above the 52-week low of 1145 ¼. Since 12/8 March Soybeans are 86 ½ cents lower or just over 6 ½%. March’24 Corn had a ¼ cent gain today and settled at 459 ½.  The 1-month and 52-week low is 451 ¾. Since 12/8 March’24 Corn is 26 cents lower or over 5%. The Wheat Market closed positive today as well. March’24 Wheat gained ¾ of a cent today and settled at 610 ¾, not far from the day’s high of 612. The 52-week low is 556 ¼. Since 12/8 March’24 Wheat is 21 cents lower or over 3%. Well, I can’t think of anything different to say about the markets. There is a WASDE Report on Friday, and the Markets are all closed on Monday for MLK Day. I still Feel that the Cattle Markets will grind lower over the next few months. I am still Bearish most of the Grains as well. The Wheat Market has the potential to rally, but we will wait and see what the WASDE Report has to say. My opinion on the Soybeans has not changed. I still feel the Soybeans are heading a lot lower. I think we will see $11.50 Soybeans faster than I thought a month ago. I still feel we will see the Beans head toward the $11.50 level this summer, and then drop lower toward the $9.00 level. I believe the Corn Market will slowly grind lower with the Beans, and head toward the $4.00 level. There is still time to take advantage of the moves I feel are coming. Call me if you would like to talk about it. I will be at CattleCon24 in Orlando on January 30th – February 3rd. Let me know if you would like to schedule a time to meet there. If you plan to hedge or put on a position, in any of these Markets, I recommend doing it soon. 

-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

WALSH TRADING INC.

53 West Jackson Boulevard, Suite 750

Chicago, Illinois 60604

www.walshtrading.com

Walsh Trading, Inc. is registered as a Guaranteed Introducing Broker with the Commodity Futures Trading Commission and an NFA Member.


Futures and options trading involves substantial risk and is not suitable for all investors. Therefore, individuals should carefully consider their financial condition in deciding whether to trade. Option traders should be aware that the exercise of a long option will result in a futures position. The valuation of futures and options may fluctuate, and as a result, clients may lose more than their original investment. The information contained on this site is the opinion of the writer or was obtained from sources cited within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in market prices. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. 

All information, communications, publications, and reports, including this specific material, used and distributed by Walsh Trading, Inc. (“WTI”) shall be construed as a solicitation for entering into a derivatives transaction. WTI does not distribute research reports, employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71.