7/17/24
The Cattle Markets were mixed today. August’24 Live Cattle were 1.60 higher today and settled at 184.27 ½. Today’s high was 184.57 ½ and the 1-month high is 188.25. Today’s low was 181.77 ½ and the 1-month low is 180.35. Since 6/17 August’24 Live Cattle are 1.60 higher or almost 1%. The Feeders led the way higher. August’24 Feeder Cattle were 7 ½ cents lower today and settled at 258.55. Today’s high was 258.90 and the 1-month high is 263.90. Today’s low was 256.75 and the 1-month low is 253.45. Since 6/17 August’24 Feeder Cattle are 2.57 ½ lower or almost 1%. The Hogs did not do much today. August’24 Lean Hogs were 37 ½ cents higher today and settled at 91.65. Today’s high was 92.57 ½ and that is also the new 1-month high. Today’s low was 91.10 and the 1-month and 52-week low is 83.67 ½. Since 6/17 August’24 Lean Hogs are 42 ½ cents lower or about ½%. The Cattle Markets were unable to break through again today. August’24 Live Cattle ended the day up 1.60 today and stopped when it reached 184.57 ½. August’24 Live Cattle almost had a 3-dollar range and closed near the highs. August’24 Feeder Cattle almost had a two-Dollar range and barely closed negative for the day, down just 7 ½ cents. The Feeders spent most of the day a dollar and half lower or more, until it rallied back on the close. I am still Bearish the Cattle Markets and feel that the August’24 Live Cattle will break into the 170’s. The 200-Day moving average is 177.87 and the 100-Day moving average is 179.05. I still believe it will head to 178.04 after trading through 180.82. The 178.04 number is the 50% retracement from the 52-week high/low. August’24 lean Hogs closed positively for the second day in a row, and that stands out for some reason. August’24 Hogs are 3.22 ½ higher over the last two days. The Cattle on Feed Report is this Friday, the 19th at 2:00 central time. No big surprise, but I feel it will be a Bearish report. Marketings are expected to be more than 8% lower than last year, and Placements are expected to be almost 3% lower than last year. Cattle on Feed numbers are expected to be over 1% higher than this time last year, but I think the number will be higher than expected. If the Cattle trade higher tomorrow or Friday, I recommend taking advantage of that in the Option Market. There is still time to protect your downside exposure.
The Grain Markets were mixed today. November’24 Soybeans were 2 ¼ cents lower today and settled at 1041. Today’s high was 10.50 ½ and the 1-month high is 1138 ½. Today’s low was 1038 and the 1-month and 52-week low is 1037 ¼. Since 6/17 November’24 Soybeans are 89 ¼ cents lower or almost 8%. The Corn Market was gained today. December’24 Corn was 3 cents higher today and settled at 411 ¾. Today’s high was 413 ¼ and the 1-month high is 469 ¼. Today’s low was 408 ¼ and the 1-month low and 52-week low is 403. Since 6/17 December’24 Corn is 51 ¾ cents lower or more than 11%. The Wheat Market was higher as well. September’24 Wheat was 8 ½ cents higher today and settled at 539 ¼. Today’s high was 546 ½ and the 1-month high is 611 ¼. Today’s low was 528 and the 1-month and 52-week low is 525 ¼. Since 6/17 September’24 Wheat is 69 ½ cents lower or more than 11%. November’24 Soybeans tried to rally for some reason today, and that was opportunity to sell into it. November’24 Beans broke 9 ½ cents off the highs today. There are record shorts in the market, and a ten-cent rally is not going to scare anyone. I feel the Soybean Market will continue to trade lower, looking for the stops, and cause as much pain as possible. The weather and the crops are looking good, and the shorts are in control. December’24 Corn had a three-cent gain today, and September’24 Wheat had an 8 ½-cent gain. It looks possible the Corn has finally left the Beans behind and will follow the Wheat higher. When the Wheat Market moves, it moves fast. If there are more problems with the crops in the Black Sea region, the Wheat can shoot higher, and I think it would bring the Corn Market up with it.
Bill Allen
Senior Account Executive
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