12/11/23
The Cattle Markets rallied the second half of the trading day and closed higher. February’24 Live Cattle gained 2.175 today and settled at 167.900, just below today’s high of 168.150. March’24 Feeder Cattle were 2.525 higher today and settled at 218.600, just below the sessions high of 219.000. The Hogs headed the other way. Febeuary’24 Lean Hogs fell 1.650 today and settled at 67.325, not far from today’s low of 66.725. The Cattle markets traded lower this morning but found a bid the same time the Soybeans took off, but that did not help the Corn or the Wheat markets. January’24 Soybeans shot up 32 cents today and settled at 1336, just below today’s high of 1338 ½. The Beans left the Corn and Wheat in the dust. March’24 Corn dropped 4 cents today and settled at 481 ½, just above today’s low of 479 ¾, and not far from the 1-month and 52-week low of 470 ½. Wheat turned around and headed South today. March’24 Wheat broke 22 ¼ cents today and settled at 609 ½, just above today’s low of 607 ¼. Once again, the weather in Brazil sparked a rally in the Soybean market. The weather forecast called for fewer rain showers than were expected last week. These spikes in the markets happen, but it does not change my outlook on the market. I see these market spikes as opportunity to roll into other trades. I still feel that Jan’24 Beans will settle around the $13.00 level. If or when the forecast changes, and rain is added, I believe the Beans will head straight down. I still feel that $11.50 Soybeans will be seen in Summer/Fall of 2024. The Cattle gained a couple dollars today, but I am still Bearish, and I believe the Live Cattle and Feeders will be heading lower from here.
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
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.