9/11/24
The Livestock Markets benefitted from a turnaround in the Stock Markets today, after they bounced off the bottom. The Dow Jones Index rallied 700 points off the bottom and that spurred a rally in the Cattle Market. The Dow was down about 80 points when the Livestock and Grain Markets closed. Today the October’24 Live Cattle were 62 ½ cents higher and settled at 176.95. Today’s high was 177.35 and the 1-month high is 182.52 ½. Today’s low was 175.50 and the 1-month low is 173.72 ½. The current 52-week low is 168.50. Since 8/9 October’24 Live Cattle are 4.20 lower or almost 2 ½%. The Feeders bounced again today. October’24 Feeder Cattle were 2.10 higher today and settled at 237.50. Today’s high was 238.02 ½ and the 1-month high is 243.45. Today’s low was 233.77 ½ and the current 1-month and 52-week low is 229.35. The Hogs had a solid gain. October’24 Lean Hogs were 1.20 higher today and settled at 79.75. Today’s high was 79.80 and the 1-month high is 83.37 ½. Today’s low was 78.47 ½ and the 1-month low is 71.32 ½. The 52-week low is 68.05. Since 8/9 October’24 Lean Hogs are 5.77 ½ or almost 8%. I believe it was a selling opportunity in the Cattle Markets today, especially with the Feeders up over 2 bucks, while the Fats were only up 62 ½ cents. The cash market is expected to be weaker again this week, with the carcass weights last week setting an all-time high of 32 pounds above this time last year. Ground beef prices look to be declining as well. On the lows today, October’24 Live Cattle were 82 ½ cents lower, and the October’24 Feeders were 1.62 ½ lower. The only reason they rallied today, that I can see, is because of the huge 700-point upswing in the Dow Jones Index. I am still Bearish the Cattle Markets, and I feel they will head lower, and can still close lower for the week as well. For the week, the October’24 Fats are 1.77 ½ higher, and only 3.22 ½ from the 1-month low. The October’24 Feeders are 6.55 higher on the week and 8.15 from the contract low.
The Grains were all higher today, on a slow trading, before the WASDE Report is released tomorrow. The Beans settled just above the $10.00 level. November’24 Soybeans were 3 ¼ cents higher today and settled at 1000 ½. Today’s high was 1008 and the 1-month high is 1031 ¼. Today’s low was 995 ½ and the current 1-month and 52-week low is 955. Since 8/9 the November’24 Soybeans are 2 cents lower. The Corn was able to stay in the green today. December’24 Corn was ½ a cent higher today and settled at 404 ¾. Today’s high was 407 ½ and the 1-month high is 416. Today’s low was 401 ¼ and the 1-month low is 385 and 52-week low is 385. Since 8/9 December’24 Corn is 9 ¾ cents higher or almost 2 ½%. The Wheat Market traded into the 580’s again. December’24 Wheat was 5 cents higher today and settled at 579 ¼. Today’s high was 582 ¼ and the 1-month high is 582 ¾. Today’s low was 572 and the 1-month and 52-week low is 520 ¾. Since 8/9 December’24 Wheat is 13 ½ cents higher or almost 2 ½%. There was not much action in the Grains today, although the Beans were 10 ¾ cents higher at one point today but fell back down on lack of interest. The Grains are waiting for the Report tomorrow and settled near big levels in the markets. It will be moving day in the Markets tomorrow, and I feel the Beans will head lower on a huge crop and yield, and the Corn higher. If the Beans have a big break tomorrow, I think the Corn and Wheat can follow lower in the beginning but will eventually turn around and head higher. I still feel the Soybeans will trade down to the 910-930 level, and then decide what to do. I expect the rest of this week to be busy, in all of these markets. I remain Bearish the Cattle and Soybean Markets. If you have any questions, send me an email. BALLEN@WALSHTRADING.COM
-Bill
Bill Allen
Senior Account Executive
Direct: 1 312 957 8079
WALSH TRADING INC.
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Chicago, Illinois 60606
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