1/29/24
The Cattle markets and all the Grains were down today, while the Hogs continued to rally. April’24 Live Cattle was 0.450 lower today and settled at 181.225, just above today’s low of 180.975. Today’s high of 183.450 is also the 1-month high. The 1-month low is 172.275. Since 12/29 April’24 Live Cattle is 8.900 higher or over 5%. The Feeders also gave some back today. March’24 Feeder Cattle were 1.075 lower today and settled at 238.625, just above today’s low of 238.400. Today’s high and the 1-month high is 241.925. The 1-month low is 222.950. Since 12/29 March’24 Feeder Cattle are 15.450 higher or almost 7%. The Hogs continued to rally today. April’24 Lean Hogs were 0.175 higher today and settled at 83.425, just below today’s high of 83.550, and not far from the 1-month high of 84.000. April’24 Hogs have rallied 11.725 since the 1-month and 52-week low was set at 71.700. Since 12/29 April’24 Lean Hogs are 8.575 higher or almost 11 1/2%. The Grain Markets continue to push lower. As expected, the Soybeans continue to dive lower, below the $12.00 level, and I have a guess where they are headed… Today March’24 Soybeans dropped another 15 cents and settled at 1194 ¼, not far from today’s low and the 1-month low of 1191 ½. It remains possible the 52-week low could change in the near future. Currently, the 52-week low is 1145 ¼, just so you know. Since 12/29 March’24 Soybeans are $1.04 ½ cent lower or over 8%. The Corn Market followed the Beans lower again. March’24 Corn was 6 cents lower today and settled at 440 ¼, not far above today’s low of 437 ½. The 1-month and 52-week low is 436 ¾. Since 12/29 March’24 Corn is 31 ½ cents lower or almost 7%. The Wheat continued lower as well. March’24 Wheat was 6 ¾ lower today and settled at 593 ½. Today’s high was 601 ¾ but it could not hold that $6.00 level. Today’s low was 587 ½. Since 12/29 March’24 Wheat is 34 ½ cents lower or almost 5 ½%. The Cattle Markets have had a nice rally recently, but I believe that will come to an end soon. I feel the Cattle will begin to break lower again through the summer. Take a look at the 2014 Live Cattle and Feeder Cattle charts, they look very similar, and if the same thing happens again, the Cattle will be breaking a lot. I am still Bearish the Soybeans as well. I feel that the Beans will head toward the $11.50 level, and then continue lower. My opinion is the Corn will continue to follow the Beans lower and head toward the $4.00 level. I am heading to Cattle-Con in Orlando tomorrow. If you will be there, stop by our Booth #2689.
-Bill
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Bill Allen
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