LIVESTOCK: December live cattle closed down $1.32 at
$117.12 today. Prices closed nearer the session low on
profit taking after hitting a 6.5-month high last week. The
live cattle bulls still have the firm overall near-term
technical advantage.
November feeder cattle closed down $1.80 at $156.00 today.
Prices closed nearer the session low on more profit taking
after hitting a contract high last week. The feeder cattle
market bulls still have the firm overall near-term
technical advantage.
December lean hogs closed down $0.30 at $57.10 today.
Prices closed nearer the session low today. The bulls have
the overall near-term technical advantage. Prices are in a
six-week-old uptrend on the daily bar chart.
GRAINS: December corn futures closed up 3 3/4 cents at
$3.61 today. Prices closed nearer the session high today on
more short covering. Corn bears still have the overall
near-term technical advantage. However, seasonals and the
present daily chart posture suggest a market bottom is
likely to occur sooner rather than later. And the bullish
weekly high close on Friday is also a clue the market has
already bottomed out.
November soybeans closed down 6 3/4 cents at $8.40 1/2 a
bushel today. Prices closed near mid-range today. The bears
still have the overall near-term technical advantage.
However, the bullish weekly high close last Friday is one
technical clue that the market has bottomed out.
December soybean meal closed down $1.40 at $307.50 today.
Prices closed near mid-range. The bears have the firm
overall near-term technical advantage.
December bean oil closed up 15 points at 28.49 cents today.
Prices closed near mid-range today and hit a three-week
high. The bears still have the overall near-term technical
advantage. But recent gains suggest a market bottom is now
in place.
December SRW wheat closed up 4 1/2 cents at $5.26 1/4
today. Prices closed near mid-range today on short
covering. SRW bears still have the overall near-term
technical advantage. However, a six-week-old downtrend on
the daily bar chart is almost negated.
December HRW wheat closed up 3 3/4 cents at $5.29 today.
Prices closed near mid-range today. The bears still have
the overall near-term technical advantage.
SOFTS: October sugar closed down 46 points at 10.38
cents today. Prices closed nearer the session low and hit a
three-week low today. The sugar bears have the firm overall
chart advantage.
December coffee closed down 185 points at 98.05 cents
today. Prices closed nearer the session low today. The
bears have the solid overall near-term technical advantage.
Prices are in a four-month-old downtrend on the daily bar
chart.
December cocoa closed up $54 at $2,221 a ton today. Prices
closed near mid-range today on short covering. The cocoa
bears still have the firm overall near-term technical
advantage amid a four-week-old price downtrend in place on
the daily chart.
December cotton closed down 9 points at 79.04 cents today.
Prices closed near mid-range today. The bears have the firm
overall level near-term technical advantage. A bear flag or
pennant pattern has formed on the daily bar chart.
November orange juice closed down 70 points at $1.4655
today. Prices closed nearer the session low today. Bears
have the firm overall near-term technical advantage. Prices
are in a two-month-old downtrend on the daily bar chart. A
bearish pennant pattern has just formed on the daily bar
chart.
November lumber futures closed up $1.10 at $341.40 today.
Prices today saw short covering after hitting a contract
low last week. The bears have the solid overall near-term
technical advantage.
METALS: December gold futures closed up $3.50 at
$1,204.70 today. Prices closed near mid-range today. The
gold bears still have the overall near-term technical
advantage. However, prices have been trading sideways for
the past month, which begins to suggest a market bottom is
in place.
December silver futures closed down $0.004 at $14.355
today. Prices closed nearer the session high today. The
silver bears still have the solid overall near-term
technical advantage.
December N.Y. copper closed down 230 points at 283.45 cents
today. Prices closed nearer the session high today and saw
profit taking after hitting a seven-week high last Friday.
The copper bears still have the overall near-term technical
advantage, but recent good gains suggest a market bottom is
in place.
ENERGIES: November Nymex crude oil closed up $1.37 at
$72.17 today. Prices closed nearer the session high and hit
a contract and eight-month high today. The bulls have the
solid overall near-term technical advantage, but prices
have stalled out around these present levels in past
months.
November heating oil closed up 587 points at $2.2893 today.
Prices closed nearer the session high today. The bulls have
the firm overall near-term technical advantage as prices
are not far below the contract high.
November (RBOB) unleaded gasoline closed up 437 points at
$2.0458 today. Prices closed nearer the session high and
hit a four-month high today. The bulls have the firm
overall near-term technical advantage.
November natural gas closed up 5.9 cents at $3.033 today.
Prices closed near the session high and hit a three-month
high today. Bulls have the overall near-term technical
advantage.
CURRENCIES: The December Euro
currency closed up 6 points at 1.1832 today. Prices closed
near mid-range today and scored a 10-week high today.
Recent price action, including an uptrend in place on the
daily bar chart, suggests a market bottom is in place.
The December Japanese yen closed down 155 points at .89250
today. Prices closed near the session low and closed at a
contract low close today. Bears have the solid overall
near-term technical advantage.
The December Swiss franc closed down 56 points at 1.0455
today. Prices closed near the session low on profit taking
after hitting a five-month high on Friday. The Swissy bulls
have the overall near-term technical advantage. Prices are
in an uptrend on the daily bar chart.
The December Canadian dollar closed down 13 points at .7738
today. Prices closed near mid-range today on profit taking
after hitting a 3.5-month high last week. The bulls and
bears are on a level overall near-term technical playing
field.
The December British pound closed up 40 points at 1.3167
today. Prices closed near mid-range today. The bears have
the overall near-term technical advantage. However, prices
have been trending higher for six weeks.
The December U.S. dollar index closed down 0.003 at 93.795
today. Prices closed nearer the session high today. The
bulls have faded. Prices are in a five-week-old downtrend
on the daily bar chart.
December U.S. T-Bonds closed down 8/32 at 140 7/32 today.
Prices closed near mid-range and closed at a four-month low
close today. The bond market bears have the firm overall
near-term technical advantage. Prices are in a steep
downtrend on the daily bar chart.
December U.S. T Notes closed down 2.5 32nds at 118.19.5
today. Prices closed near mid-range and closed at a four-
month low close today. The bears have the firm overall
near-term technical advantage amid a price downtrend in
place on the daily bar chart.
GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
mixed today. World stock markets were mostly lower
overnight. There is a bit more risk aversion in the world
marketplace to start the trading week, as U.S.-China trade
tensions are back on the front burner after China accused
President Trump of being a trade bully and cancelled trade
talks that had been set up for this week. And tariffs on
$200 billion more in Chinese imports to the U.S. are set to
kick in today. Stocks markets in China, Japan and South
Korea were closed Monday for a holiday. Focus this week
will also be the Federal Reserve’s two-day Open Market
Committee (FOMC) meeting that begins Tuesday. The FOMC is
expected to slightly raise U.S. interest rates at this
meeting. Fed Chairman Jerome Powell will also hold a press
conference after the meeting. The key outside markets today
saw the U.S. dollar index slightly lower. Prices Friday hit
a 2.5-month low. The greenback bears have downside
technical momentum to suggest a market top is in place for
the USDX. Meantime, November Nymex crude oil prices were
higher and hit a contract high today, and trading just
above $72.00 a barrel.