Commentary Markets closing higher today after mixed to lower trade in the overnight trade and sideways to slightly higher action to start the week. The market has been receiving some fundamental supply side bullish tidbits in my opinion, but will it amount to a sustainable rally where the managed shorts cover en masse. Or will it be rinse and repeat? …
WTI/CLV24 – 8/28/24
8/28/24 The Oct WTI trading session had a high of 75.95, a low of 73.82 and closed at 74.52, cash price is at 75.55, while open interest came in at 313,117.Lower on the day by -1.01 (-1.34%). CLV traded below its 50 day (77.33) and its 20 day (74.87) moving average but above its 7 day (74.38) average. I still …
Pure Hedge – Livestock and Grain
8/28/24 The Livestock and Grain Markets were mixed today, and it was a slow trading day, even with the price action. October’24 Live Cattle were 77 ½ cents lower today and settled at 178.62 ½. Today’s high was 180.17 ½ and the 1-month high is 188.97 ½. Today’s low was 177.92 ½ and the 1-month low is 173.72 ½. Since …
Grain Spreads: Profit Taking
Commentary Profit taking in corn and beans today was seen in my opinion, especially for corn following a new contract low at 3.85. Beans are showing some life here, but I’m not convinced yet that this rally is sustainable. China was very active last week and the week prior for bean purchases for future shipment. One issue is the amounts …
Crude CLV24
The Oct WTI trading session had a high of 77.48 and a low of 75.4 and closed at 75.53, cash price is at 77.45, while open interest came in at 328,534. Lowering on the day by 1.89 (2.44%). CLV briefly traded above its 50 day moving average (77.4) before trading back below, CLV closed above its 20 day (74.99) and …
Hogs Make New high, Cattle Markets Bounce Back
October Lean Hogs opened higher and rallied to the high at 81.45. The rally stalled just below resistance at 81.70 and retreated. It made its way lower, making the low at 79.775 and the working back to the middle of the range to settle at 80.40. The down move took price back below support at 80.45 and 79.80. It formed …
Pure Hedge – Livestock and Grain
8/26/24 I feel there will be very different price action tomorrow, and if you are short the Soybean or Cattle Markets, stay short, and if you are long the Corn or Wheat Markets stay long. Other than opportunity to sell into strength, the Cattle Markets closed well off the highs of the day, and the Soybeans traded into the 980’s …
Hogs higher, Cattle Markets Rest in Front of COF Report
October Lean Hogs opened higher and made the session low at 79.45. It grinded higher the rest of the session to the high at 80.924. It settled near the high at 80.55. The rally took price past resistance at 80.45 as the high and settlement was above it. Hogs continue to surprise with its positive price action, diverging from the …
Hogs Surge After a Weak Opening
October Lean Hogs gap opened lower and made the session low at 74.925. The low was below support at 75.60 and looked like it was going to break down to support at 74.25. It was threatening the lows from this recent consolidation with the August 16th low at 74.675 the value needed to get taken out. But bearish traders couldn’t …
Grain Spreads: Tight Range Corn
Commentary Second day in a row that corn traded in a very narrow 4 cent range. Lack of conviction on both sides as the market possibly awaits Pro Farmers findings later in the week. There were mixed results on Monday in Ohio and South Dakota. However Pro Farmer sample averages broke tour records yesterday. Indiana’s sample average is 187.5 bushel …