11/15/23
The trade in the Livestock markets today was boring, compared to the last few weeks. February’24 Live Cattle closed 1.900 higher today and settled at 178.775. January’24 Feeder Cattle also gained 1.900 today and settled at 230.900. Lean Hogs closed the day a little lower. February’24 Lean Hogs fell 1.025 today and settled at 74.900. The February’24 Lean Hog market settled near the trading session lows today, of 74.825 and not too far from the 1-month and 52-week low of 69.175. I still think the cattle market will grind lower from here in the long run. The Grain markets were all lower today but bounced from the lows before the close. January’24 Soybeans were 4 ¾ cents lower today and settled at 1385. The high in January’24 Soybeans was 1398 ½, and that is also the 1-month high. The Soybean market slipped lower from there. December’23 Corn continued to break today and gave back 7 ½ cents and settled at 470 ¾. The 1-month and 52-week low in December’23 Corn 461, and not too far from today’s low of 467 ¼. The Wheat market continued to do what it does best, and it broke again. December’23 Wheat was 11 ½ cents lower today and settled at 560 ½. Today’s low in December’23 Wheat was 557, just above the 1-month low at 554 ½ and 52-week low at 540. The December’23 Wheat market has continued to break since late July, and YTD is down $2.59 ¾, now over 31% lower. I feel the Soybeans have rallied recently based on the hot and dry weather in Brazil, but if relief comes anytime soon, I think a big break in Soybean market will occur. January’24 Soybean Options have another 37 days to expiration and expire on 12/22/23.
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Bill Allen
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WALSH TRADING INC.
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