3/11/24
The Livestock Markets were unchanged or lower today. April’24 Live Cattle were unchanged today and settled at 187.600. Today’s high was 188.375 and the 1-month high is 189.950. Today’s low was 186.975 and the 1-month low is 182.825. Since 2/9 April’24 Live Cattle is 0.875 higher or almost ½%. The Feeders lost a buck today. April’24 Feeder Cattle were 1.000 lower today and settled at 253.100, just above today’s low of 252.650. the 1-month low is 247.150. Today’s high is 254.000 and the 1-month high is 260.800. Since 2/9 April’24 Feeder Cattle are 1.325 higher or just above ½%. The Hogs gave some back today as well. April’24 Lean Hogs were 1.100 and settled at 83.275, just above today’s low of 83.150. The 1-month low is 80.200. Today’s high was 84.925 and the 1-month high is 88.900. Since 2/9 April’24 Lean Hogs are 2.125 higher or more than 2 ½%. The Grains were mixed today, with the Soybeans a little lower. May’24 Soybeans were 4 ¾ cents lower today and settled at 1179 ¼. Today’s high was 1189 ¼ and the 1-month high is 1202 ½. Today’s low was 1175 and the 1-month and 52-week low is 1128 ½. Since 2/9 May’24 Soybeans are 10 ¾ cents lower or almost 1%. The Corn Market stayed positive today. May’24 Corn was 2 cents higher today and settled at 441 ¾, not far from today’s high of 443. The 1-month high is 446 ¼. Today’s low was 433 ¼ and the 1-month and 52-week low is 408 ¾. Since 2/9 May’24 Corn is ¼ cent higher or fractionally higher. The Wheat Market turned around today and posted a nice gain for the day. May’24 Wheat was 9 ½ cents higher today and settled at 547 ¼. Today’s high was 550 ¼ and the 1-month high is 604 ¼. Today’s low of 523 ½, is also the 1-month and 52-week low. Since 2/9 May’24 Wheat is 52 cents lower or more than 8 ½%. It’s good to be back and closely following the markets again. After taking a new look at the Cattle Markets, I feel it is imperative to protect your downside risk and exposure. In my opinion, the break I feel is coming could happen anytime in the next few weeks. I still recommend taking advantage of these prices and hedging. The 7 dollars plus recent break in April’24 Feeders, is nothing compared to what I feel coming. I structured Option trades in August’24 Feeder Cattle this morning, with the target level several handles lower from here. The Wheat Market had a big turnaround today, after breaking over 50 cents in the last week. May Wheat was 14 ¼ cents lower at one point today, but the market decided that was enough, and May’24 Wheat rallied 23 ¾ cents off today’s lows. Planting intentions will be released at the end of the month on the 30th, and I feel that more acres than expected will be switched from Corn into Soybeans. I believe that will help stabilize the Corn Market, and a sideways trade could occur. I feel that with the 315 million Bean carryover, and the large crop I believe will come out of South America, that the Soybean Market will once again head lower. I agree with this recent short-term Bean rally on some dryness concerns in Brazil, but long-term I feel that September’24 Soybeans will head toward the $10.00 level. I recommend hedging in the Soybean Market now. I don’t wish for everything to break, but I also don’t hope for a market direction. It’s my job to tell you what I think, even if you don’t want to hear it. If you would like to see my Option trades give me a call or send me an email.
I have market commentary and Option charts in Pure Hedge – Livestock
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.