LIVESTOCK: June live cattle closed down $0.72 at 105.32
today. Prices closed near mid-range 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 $2.70 at $137.70 today.
Prices closed nearer the session low today. The cattle
market bears have the firm overall near-term technical
advantage and gained fresh downside momentum today.
June lean hogs closed up $0.55 at $74.07 today. Prices
closed near mid-range and saw short covering. The bears
still have the firm overall near-term technicaladvantage.
GRAINS: July corn futures closed down 5 1/4 cents at
$4.00 3/4 today. Prices closed near the session low today
on profit taking. The corn bulls still have the overall
near-term technical advantage. Prices Friday hit a nine-
month high.
July soybeans closed down 23 1/4 cents at $10.13 1/2 a
bushel today. Prices closed nearer the session low and
closed at a three-month low close today. Bears havegained
the slight overall near-term technical advantage. Prices
are in a three-week-old downtrend on the daily bar chart.
July soybean meal closed down $11.30 at $382.40 today.
Prices closed near the session low today. The meal bulls
still have the solid overall near-term technicaladvantage.
July bean oil closed up 10 points 30.87 cents today.Prices
closed nearer the session high and saw more shortcovering.
The bears still have the solid overall near-termtechnical
advantage.
July SRW wheat closed down 12 cents at $5.11 1/2 today.
Prices closed nearer the session low on profit takingfrom
recent gains. The bulls still have the overall near-term
technical advantage. However, the bulls now appear to be
exhausted.
July HRW wheat closed down 16 1/4 cents at $5.39 1/2today.
Prices closed near the session low. The bulls still have
the overall near-term technical advantage, but now appear
exhausted.
SOFTS: July sugar closed down 11 points at 11.40 cents
today. Prices closed nearer the session low. The sugar
bears have the solid overall near-term technicaladvantage.
Prices are in a four-month-old downtrend on the daily bar
chart. A bearish symmetrical triangle pattern has also
formed on the daily bar chart.
July coffee closed down 230 points at 120.30 cents today.
Prices closed nearer the session low. The coffee bearshave
the overall near-term technical advantage and regainedsome
downside momentum today.
July cocoa closed up $79 at $2,856 a ton today. Prices
closed near the session high and scored a bullish“outside
day” up on the daily bar chart. The cocoa bulls have the
solid overall near-term technical advantage.
July cotton closed down 40 points at 86.50 cents today.
Prices closed nearer the session low today, on profit
taking, after hitting a contract high early on. Thecotton
bulls still have the solid overall near-term technical
advantage.
July orange juice closed up 290 points at $1.6480 today.
Prices closed nearer the session low today and hit a 5.5-
month high. Bulls have the solid overall near-term
technical advantage, but the market is still short-term
overbought and due for a corrective pullback very soon.
July lumber futures closed up the $10.00 limit at $586.50
today. Prices hit another contract and all-time recordhigh
today. The bulls have the strong overall near-term
technical advantage. There are no early chart clues thata
near-term market top is close at hand.
METALS: June gold futures closed down $1.10 at $1,313.60
today. Prices closed nearer the session low. The goldbulls
and bears are on a level overall near-term technical
playing field. A close below major psychological supportat
$1,300.00 would open the door to a larger leg down in
prices in the near term. However, right now it appearsthat
strong support level will hold, for now.
July silver futures closed down $0.004 at $16.515 today.
Prices closed near mid-range today. The silver bears have
the overall near-term technical advantage.
July N.Y. copper closed up 5 points at 308.60 centstoday.
Prices closed near mid-range today. The copper bulls and
bears are on a level overall near-term technical playing
field.
ENERGIES: June Nymex crude oil closed up $0.82 at $70.54
today. Prices closed nearer the session high and hit a
contract and 3.5-year high today. The bulls have thesolid
overall near-term technical advantage and gained morepower
today.
June heating oil closed up 262 points at $2.1802 today.
Prices closed nearer the session high and hit a contract
high today. The bulls have the solid overall near-term
technical advantage.
June (RBOB) unleaded gasoline closed up 204 points at
$2.1344 today. Prices closed nearer the session high and
closed at a contract high close today. The bulls have the
solid overall near-term technical advantage.
June natural gas closed up 3.1 cents at $2.742 today.
Prices closed nearer the session high today and scored a
bullish “outside day” up on the daily bar chart. Bullsand
bears are on a level overall near-term technical playing
field amid recent choppy trading.
CURRENCIES: The June Euro currency
closed down 40 points at 1.1958 today. Prices closednearer
the session low today and hit a 4.5-month low. The bears
have the overall near-term technical advantage and have
momentum on their side. Prices are in an acceleratingsix-
week-old downtrend on the daily bar chart.
The June Japanese yen closed up 25 points at .91910today.
Prices closed near mid-range. Bears have the overallnear-
term technical advantage. Prices are in a six-week-old
downtrend on the daily bar chart.
The June Swiss franc closed down 20 points at 1.0008today.
Prices closed near mid-range and hit another 15-month low
today. The Swissy bears have the solid overall near-term
technical advantage. A 2.5-month-old downtrend is inplace
on the daily bar chart.
The June Canadian dollar closed down 5 points at .7784
today. Prices closed nearer the session high today. The
bears have the overall near-term technical advantage.
The June British pound closed up 19 points at 1.3586today.
Prices closed nearer the session high today. The bearshave
the overall near-term technical advantage.
The June U.S. dollar index closed up 0.162 at 92.570today.
Prices closed near mid-range and hit another four-month
high today. The bulls still have the firm overallnear-term
technical advantage.
June U.S. T-Bonds closed down 1/32 at 143 16/32 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 1.5 (32nds) at 119.21.0
today. Prices closed near mid-range. Short covering was
featured. The bears still have the solid overallnear-term
technical advantage.
GENERAL STOCK MARKET COMMENT: U.S. stock indexes closed
higher today. Trading has turned choppy in the U.S.
indexes. World stock markets were also mostly firmertoday.
U.S. economic data due for release Monday was light and
included the employment trends index and consumer credit.
Brent crude is approaching $76.00 a barrel and Nymexcrude
oil futures are above $70.00 a barrel today. There is
growing concern the U.S. will not renew a deal struckwith
Iran in 2015 to curtail its nuclear arms development. The
agreement expires Saturday. If the U.S. pulls out of the
agreement, sanctions against Iran will be reapplied,
including ostensibly sharply curbing Iranian oil exports.
Crude oil is the leader of the raw commodity sector andits
“rising tide” is tending to “lift all boats,” to varying
degrees—even if it means limiting the downside price
pressures on some commodity markets.