1/22/24
The Livestock Markets were all lower today and the Grains ended the day higher. April’24 Live Cattle was 0.475 lower today and settled at 176.900, just below today’s high of 177.350. Today’s high was just short of the 1-month high of 177.975. The 1-month low is 171.075. Since 12/22 April’24 Live Cattle is 4.775 higher or almost 3%. The Feeders headed lower as well today. March’24 Feeder Cattle were 0.675 lower today and settled at 231.275, about a dollar below toady’s high of 232.225. Today’s low was 228.750. The 1-month high is 233.450 and the 1-month low is 221.100. Since 12/22 March’24 Feeder Caddle are 6.875 higher or over 3%. The Hogs gave a little back today. April’24 Lean Hogs were 0.525 lower today and settled at 77.625, just above today’s low of 77.225. The 1-month high is 79.425 and the 1-month and 52-week low is 71.700. Since 12/22 April’24 Lean Hogs are up 0.050 or fractionally higher. The Grain Markets closed positive today, all following the Beans higher. March’24 Soybeans gained 11 cents today and settled at 1224 ¼, not far below today’s high of 1225 ¾. March’24 Soybeans are more than a dollar below the 1-month high of 1327 ½. Today’s low was 1209 ½ and the 1-month low is 1201. The current 52-week low is 1145 ¼. Since 12/22 March’24 Soybeans are 82 cents lower or more than 6%. The Corn Market had a small gain today. March’24 Corn was a ¼ of a cent higher and settled at 445 ¾, not far above today’s low of 444. Today’s high was 448. The 1-month and the 52-week low is 436 ¾. Since 12/22 March’24 Corn is down 27 ¼ or close to 6%. The Wheat Market also posted a gain today. March’24 Wheat was 3 ¼ cents higher today and settled at 596 ½. The high today was 600 ¼ and the low was 587. The 1-month low is 573 ¼. Since 12/22 March’24 Wheat is 19 ¾ cents lower or more than 3%. The Cattle and Hog Markets opened today just below the would-be session’s highs. They were the first trades since the Cattle-on-Feed Report on Friday. They all slipped lower from there, but the Cattle Markets were able to climb from the lows late in the day and limit the loss. I still feel the Cattle Markets will grind lower from here, and I still think the Beans are heading a lot lower. The Beans rallied late today, because there is another weather scare is South America, with the 10-day forecast looking dryer. That said, my opinion has not changed at all, and it’s another opportunity to lean into strength. I will be at Cattle-Con in Orlando at the end of the month. If you would like to meet there, let me know. I am looking forward to meeting all of you, that have already contacted me. Have a great day.
-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
Email me for free research.
Bill Allen
Senior Account Executive
Direct: 1 312 957 8079
WALSH TRADING INC.
53 West Jackson Boulevard, Suite 750
Chicago, Illinois 60604
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.