LIVESTOCK: June live cattle closed up $2.60 at 105.15
today. Prices closed nearer the session high on short
covering and positive news on the U.S.-China tradedispute.
The cattle market bears still have the overall near-term
technical advantage.
August feeder cattle closed up $3.15 at $140.90 today.
Prices closed nearer the session high on short covering.
The cattle market bears still have the overall near-term
technical advantage.
June lean hogs closed down $1.45 at $73.50 today. Prices
closed nearer the session low today. The hog bears havethe
firm overall near-term technical advantage and have
downside momentum.
GRAINS: July corn futures closed up 1/2 cent at $4.02
1/4 today. Prices closed nearer the session low today.The
corn bulls have the overall near-term technicaladvantage,
amid a choppy price uptrend in place on the daily bar
chart.
July soybeans closed up 25 cents at $10.22 1/2 a bushel
today. Prices produced a rare gap-higher move on thedaily
bar chart and closed nearer the session high, on short
covering and bargain hunting amid an easing of the U.S.-
China trade dispute. Bulls and bears are now back on a
level overall near-term technical playing field. Pricesare
still in a four-week-old downtrend on the daily barchart.
July soybean meal closed up $3.30 at $378.50 today.Prices
closed near mid-range today. The meal bulls have the
overall near-term technical advantage. However, priceshave
been trending lower for three weeks.
July bean oil closed up 38 points 31.43 cents today.Prices
closed near the session high today on short covering. The
bears have the overall near-term technical advantage.
July SRW wheat closed down 10 3/4 cents at $5.07 1/2today.
Prices closed nearer the session low today after hittinga
two-week high early on. The bulls have gained the slight
overall near-term technical advantage with last Friday’s
big gains. However, good follow-through selling pressureon
Tuesday would put the bulls and bears back on a levelnear-
term technical playing field.
July HRW wheat closed down 12 cents at $5.26 3/4 today.
Prices closed nearer the session low today. The bullshave
the slight overall near-term technical advantage but need
to show fresh power soon to keep it.
July sugar closed up 44 points at 12.10 cents
today. Prices closed nearer the session high and hit a
five-week high today. The sugar bears still have the
overall near-term technical advantage. However, a four-
month-old downtrend on the daily bar chart has beennegated
and a fledgling uptrend is now in place, to suggest a
market bottom is in place, too.
July coffee closed up 170 points at 119.70 cents today.
Prices closed nearer the session high on short coveringin
a bear market. The coffee bears still have the firmoverall
near-term technical advantage.
July cocoa closed down $63 at $2,615 a ton today. Prices
closed nearer the session low and hit a five-week low
today. Prices have recently seen a bearish downside
“breakout” from the recent trading range at higher price
levels. The cocoa bulls still have the overall near-term
technical advantage. However, the downside breakout
suggests a market top is in place.
July cotton closed up 195 points at 88.50 cents today.
Prices closed nearer the session high and hit a contract
high today. The cotton bulls have the solid overall near-
term technical advantage and gained more power today.
July orange juice closed up 55 points at $1.6675 today.
Prices closed nearer the session high. Bulls have thesolid
overall near-term technical advantage. Prices are in a
steep, seven-week-old uptrend on the daily bar chart.
July lumber futures closed down the expanded $15.00 limit
at $609.00 today. Prices last Friday hit another contract
and record high but then reversed course to score a bigand
bearish “key reversal” down on the daily chart, tosuggest
a major market top is finally in place.
METALS: June gold futures closed down $2.70 at $1,288.60
today. Prices closed nearer the session high and did hita
six-month low early on today. Prices are in atwo-month-old
downtrend on the daily bar chart. The gold bears have the
overall near-term technical advantage.
July silver futures closed up $0.045 at $16.50 today.
Prices closed nearer the session high today and scored a
mildly bullish “outside day” up on the daily bar chart.
Short covering was featured. The silver bears have the
overall near-term technical advantage.
July N.Y. copper closed up 320 points at 309.55 cents
today. Prices closed nearer the session high today. The
copper bulls and bears are on a level overall near-term
technical playing field amid recent choppy trading.
ENERGIES: July Nymex crude oil closed up $0.77 at $72.13
today. Prices closed nearer the session high and closedat
a 3.5-year high close today. The bulls have the solid
overall near-term technical advantage. There are still no
early technical clues that a market top is close at hand.
July heating oil closed up 69 points at $2.2660 today.
Prices closed nearer the session high. Prices last weekhit
a contract high. The bulls have the solid overallnear-term
technical advantage.
July (RBOB) unleaded gasoline closed up 152 points at
$2.2455 today. Prices closed nearer the session hightoday.
The bulls have the solid overall near-term technical
advantage.
July natural gas closed down 2.1 cents at $2.858 today.
Prices closed near mid-range on a corrective pullbackafter
hitting a two-month high on Friday. Bulls have theoverall
near-term technical advantage.
CURRENCIES: The June Euro currency
closed down 2 points at 1.1795 today. Prices closed near
the session high today after hitting a six-month lowearly
on today. The bears have the firm overall near-term
technical advantage. Prices are in a six-week-olddowntrend
on the daily bar chart.
The June Japanese yen closed down 330 points at .90190
today. Prices closed near mid-range and hit a 4.5-monthlow
today. Bears have the firm overall near-term technical
advantage. Prices are in a seven-week-old downtrend onthe
daily bar chart.
The June Swiss franc closed down 4 points at 1.0041today.
Prices closed nearer the session high today. The Swissy
bears have the solid overall near-term technicaladvantage.
A 2.5-month-old downtrend is in place on the daily bar
chart.
The June Canadian dollar closed up 41 points at .7810
today. Prices closed nearer the session high today. The
bears have the overall near-term technical advantage.
The June British pound closed down 66 points at 1.3433
today. Prices closed nearer the session low and hit asix-
month low today. The bears have the firm overallnear-term
technical advantage. Prices are in a five-week-old
downtrend on the daily bar chart.
The June U.S. dollar index closed up 0.051 at 93.595today.
Prices closed nearer the session low an did hit asix-month
high today. The bulls have the firm overall near-term
technical advantage. Prices are in a steep four-week-old
uptrend on the daily bar chart.
June U.S. T-Bonds closed steady at 141 6/32 today. Prices
closed near mid-range today. Prices Friday hit a contract
low. The bond market bears have the solid overallnear-term
technical advantage.
June U.S. T Notes closed down 1.0 (32nds) at 118.26.0
today. Prices closed near mid-range. Prices last week hita
contract low. The bears have the solid overall near-term
technical advantage.
GENERAL STOCK MARKET COMMENT: U.S. stock indexes closed
solidly higher today. World stock markets were alsomostly
higher. The world marketplace has been assuaged by newsthe
U.S. and China have agreed to set aside their tradedispute
and not slap tariffs on each other’s goods, for now. U.S.
Treasury Secretary Mnuchin made that announcement overthe
weekend. In other news, European traders and investorsare
still nervous regarding the potential for Italy’s anti-
establishment parties to form a government, and then
pulling out of the European Union. Such has caused the
yield spread between German and Italian government bondsto
widen substantially. The benchmark 10-year U.S. Treasury
note yield is trading around 3.07% to start the trading0
week, on some increasing concerns about risinginflationary
pressures. The other key “outside market” today saw Nymex
crude oil prices higher and trading above $72.00 abarrel.
Thank You Jim Wyckoff!