11/24/23
Well, that was ugly, but expected…The Cattle, Hogs and Soybeans were CRUSHED today. February‘24 Live Cattle were 4.300 lower today (2 ½%) and settled at 170.975, just above the low of 170.475. January‘24 Feeder Cattle dropped 7.800 today (3 ½%) and settled at 219.325, just above the low of 219.150. February’s Lean Hogs got smacked down 3.050 today (almost 4 ½%) and settled at 68.775, just above the low of 68.200. January‘24 Soybeans dropped another 25 ¾ cents (almost 2%) today and settled at 1330 ¾, just above todays low of 1329 ½. March’24 Corn lost 5 ¼ cents (over 1%) today and settled at 482 ½, just above todays low of 481 ¾. March’24 Wheat gave back 7 ¼ cents (over 1%) today and settled at 577 ¼, above todays low of 575. I feel there is more downside to come in the Cattle and Soybean Markets. There could be a bounce in either market, but that is an opportunity to sell into strength. I think Cattle can break another 10%. I still like the $13.00 level for Soybeans, on the way to $11.50… I recommend hedging in July‘24 Soybeans now. I will have Option charts and prices in the Livestock and Grain markets again next week. Have a great weekend.
I have market commentary and option charts in Pure Hedge – Livestock
and Pure Hedge – Grain at WWW.WALSHTRADING.COM
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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