LIVESTOCK: June live cattle closed down $0.42 at 105.67
today. Prices closed nearer the session high today. The
cattle market bears have the overall near-term technical
advantage. However, prices have been trending higher for
four weeks, which hints that a market bottom is in place.
May feeder cattle closed down $1.30 at $138.87 today.
Prices closed near mid-range today. The cattle marketbears
have the overall near-term technical advantage.
June lean hogs closed up $1.22 at $73.92 today. Prices
closed nearer the session high on short covering. Thebears
have the firm overall near-term technical advantage.
GRAINS: July corn futures closed up 3 cents at $4.03 3/4
today. Prices closed near mid-range and hit another nine-
month high today. The corn bulls have the firm overall
near-term technical advantage and have momentum on their
side to suggest more gains in the near term. Prices have
seen a bullish upside “breakout” from the recent sideways
and choppy trading range.
July soybeans closed up 3 cents at $10.51 1/2 a bushel
today. Prices closed nearer the session high today. The
bean bulls have the overall near-term technicaladvantage.
July soybean meal closed up $11.10 at $404.90 today.Prices
closed near the session high, hit a contract high and
scored a bullish “outside day” up on the daily bar chart
today. The meal bulls have the solid overall near-term
technical advantage and gained more power today.
July bean oil closed down 32 points 30.30 cents today.
Prices closed nearer the session low today and hit a
contract low. The bears have the solid overall near-term
technical advantage.
July SRW wheat closed up 12 cents at $5.22 1/4 today.
Prices closed nearer the session high and hit another six-
week high today. The bulls have the firm overallnear-term
technical advantage.
July HRW wheat closed up 9 1/2 cents at $5.47 today.Prices
closed nearer the session high and hit a seven-week high
today. The bulls have the solid overall near-termtechnical
advantage.
SOFTS: July sugar closed down 1 point at 11.74 cents
today. Prices closed nearer the session high. The sugar
bears have the solid overall near-term technicaladvantage.
Prices are in a four-month-old downtrend on the daily bar
chart.
July coffee closed up 175 points at 124.55 cents today.
Prices closed nearer the session high and hit a two-month
high today on more short covering. The coffee bears still
have the overall near-term technical advantage. However,
the bulls have momentum to suggest a market bottom is in
place.
July cocoa closed up $75 at $2,900 a ton today. Prices
closed near the session high and closed at a 1.5-yearhigh
close. The cocoa bulls have the solid overall near-term
technical advantage.
July cotton closed up 77 points at 84.61 cents today.
Prices closed nearer the session high today. The cotton
bulls have the solid overall near-term technicaladvantage.
July orange juice closed up 280 points at $1.5850 today.
Prices closed near the session high today and hit anearly
five-month high. Bulls have the firm overall near-term
technical advantage, but the market is now short-term
overbought and due for a corrective pullback very soon.
July lumber futures closed up $9.70 at $571.80 today.
Prices closed near the session high and hit another
contract and all-time record high again today. The bulls
have the strong overall near-term technical advantage.
METALS: June gold futures closed down $12.10 at
$1,307.10 today. Prices closed nearer the session low and
hit a 4.5-month low today. The gold bulls have lost their
slight overall near-term technical advantage. A closebelow
major psychological support at $1,300.00 would open the
door to a larger leg down in prices in the near term.
July silver futures closed down $0.246 at $16.155 today.
Prices closed nearer the session low today and hit a 4.5-
month low. The silver bears have the firm overallnear-term
technical advantage.
July N.Y. copper closed down 345 points at 303.95 cents
today. Prices closed nearer the session low and hit a
three-week low today. The copper bulls and bears are on a
level overall near-term technical playing field.
ENERGIES: June Nymex crude oil closed down $0.89 at
$67.69 today. Prices closed nearer the session low andsaw
profit taking from recent gains. The bulls still have the
solid overall near-term technical advantage.
June heating oil closed down 396 points at $2.1097 today.
Prices closed nearer the session low on profit takingafter
hitting a nearly three-year high on Monday. The bullshave
the solid overall near-term technical advantage.
June (RBOB) unleaded gasoline closed down 382 points at
$2.0926 today. Prices closed nearer the session low andsaw
profit taking after hitting a contract high on Monday.The
bulls still have the solid overall near-term technical
advantage.
June natural gas closed up 4.4 cents at $2.807 today.
Prices closed nearer the session high today. Bulls and
bears are on a level overall near-term technical playing
field amid recent choppy trading.
CURRENCIES: The June Euro currency
closed down 68 points at 1.2055 today. Prices closednearer
the session low today and hit a four-month low today. The
bears have the overall near-term technical advantage and
have momentum on their side. Prices are in anaccelerating
five-week-old downtrend on the daily bar chart.
The June Japanese yen closed down 280 points at .91500
today. Prices closed near mid-range and hit a three-month
low today. Bears have the overall near-term technical
advantage. Prices are in a five-week-old downtrend on the
daily bar chart.
The June Swiss franc closed down 37 points at 1.0095today.
Prices closed near mid-range and hit a 15-month lowtoday.
The Swissy bears have the solid overall near-termtechnical
advantage. A 10-week-old downtrend is in place on thedaily
bar chart.
The June Canadian dollar closed down 9 points at .7785
today. Prices closed near mid-range and hit a four-weeklow
today. The bears have the overall near-term technical
advantage.
The June British pound closed down 126 points at 1.3650
today. Prices closed nearer the session low and hit a3.5-
month low today. The bears have gained the overall near-
term technical advantage.
The June U.S. dollar index closed up 0.485 at 92.120today.
Prices closed nearer the session high and hit afour-month
high today. The bulls have the firm overall near-term
technical advantage. However, the market is nowshort-term
overbought and due for a downside correction soon.
June U.S. T-Bonds closed down 1/32 at 143 8/32 today.
Prices closed near mid-range. The bond market bears have
the solid overall near-term technical advantage.
June U.S. T Notes closed down 5.0 (32nds) at 119.15.0
today. Prices closed near mid-range. The bears still have
the solid overall near-term technical advantage.
GENERAL STOCK MARKET COMMENT: U.S. stock indexes closed
mixed today. Trading has turned choppy in the U.S.indexes.
World stock markets were mostly firmer overnight. Two
important meetings have the attention of the marketplace
this week: The Federal Reserve’s Open Market Committee
(FOMC) meeting begins Tuesday morning and ends Wednesday
afternoon with a statement. Also, a U.S. high-level trade
delegation will travel to China later this week to try to
avert a trade war between the world’s two largest
economies. President Trump late Monday decided to delayby
one month implementing on the European Union proposed
tariffs on aluminum and steel. Tariffs are in effect for
Russia and China. On Friday is the U.S. employment report
from the Labor Department—arguably the most importantU.S.
data point of the month. Nymex crude oil prices wereweaker
today and trading just below $68.00 a barrel. The U.S.oil
rig count hit a three-year high last week and the IEA on
Monday reported that U.S. crude oil production topped 10
million barrels a day in February—a record. These factors
will limit buying interest in oil this week.