2/21/24
These Commodity Markets are getting interesting. The Beans continue to break while the Cattle Markets make new highs on this recent move up. April’24 Live Cattle was 0.375 today and settled at 187.700, that’s in the middle of today’s trading range. Today’s high was 188.900, that is also the 1-month high. The 52-week high is 199.825. Today’s low was 186.775 and the 1-month low is 175.925. Since 1/19 April’24 Live Cattle is 10.325 higher or almost 6%. The Feeders were down fractionally today. March’24 Feeder Cattle were 0.250 lower today and settled at 251.350. Today’s high was 253.450 and that is also the 1-month high. the 52-week high is 270.100. Today’s low is 250.400 and the 1-month low is 228.750. Since 1/19 March’24 Feeder Cattle are 19.500 higher or almost 8 ½%. The Hogs posted another gain today. April’24 Lean Hogs were 0.300 today and settled at 85.975. Today’s high was 86.300 and the 1-month high is 87.100. Today’s low is 85.350 and the 1-month low is 77.225. Since 1/19 April’24 Lean Hogs are 7.925 higher or over 10%. Then there is the Grain Market… Soybeans are not done yet. May’24 Beans dropped 18 ½ cents today, erasing the 17 ½ cent rally over the last two trading sessions. May’24 Soybeans settled at 1165.Today’s high was 1184 and the 1-month high is 1252 ¾. Today’s low was 1162 ¼ and that’s also the 1-month low. The 52-week low is 1150 ¾. Since 1/19 May’24 Soybeans are 54 ¾ lower or almost 4 ½%. The Corn followed the Beans lower again today. May’24 Corn was 8 ¼ cents lower today and settled at 424 ¼, just 1 cent above today’s low of 423 ¼, which is also the 1-month and 52-week low. Today’s high was 432 ½ and the 1-month high is 463. Since 1/19 May ‘24 Corn is 31 cents lower or almost 7%. The Wheat Market also closed lower today. May’24 Wheat was 1 ¼ cents lower today and settled at 578. Today’s high was 580 ½ and the 1-month high is 626 ½. Today’s low was 571 and the 1-month and 52-week low is 553 ½. Since 1/19 May’24 Wheat is 27 ¼ cents lower or about 4 ½%. The Cattle keep climbing and will continue to recommend selling it. Please protect your downside exposure. I keep hearing the feedlots are full, and the weights are up. Millions of cattle are being imported and I don’t see the demand for it. Hedging or putting on a short position is not difficult, and highly recommended. I feel that the Live Cattle can break $20 or more. I have recommended selling Soybeans for months now. I have always used the 52-week low in March’24 Soybeans (1145 ¼) as my target level. Today March’24 Soybeans traded 1157 ½, just 12 ¼ cents away. July’24 Soybeans were 1401 ½ and the July 17.00 Calls were 13 1/8 when started talking about the downside in the Bean market. I feel it’s possible that this could be the halfway point of the Soybean break. I can show you how to protect your downside exposure. I will be in Houston on the 28th for the Commodity Classic. I hope to see you there.
-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
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