LIVESTOCK: August live cattle closed up $1.62 at 109.67
today. Prices closed near the session high and hit a four-
month high today. The bulls have the firm overall near-term
technical advantage and gained more momentum today. A nine-
week-old uptrend is in place on the daily bar chart.
August feeder cattle closed up $0.22 at $152.97 today.
Prices closed near the session high today. The feeder
cattle market bulls have the firm overall near-term
technical advantage. Prices are in a two-month-old uptrend
on the daily bar chart.
August lean hogs closed up $0.67 at $62.22 today. Prices
closed near mid-range on tepid short covering in a bear
market. The hog bears still have the solid overall near-
term technical advantage.
GRAINS: December corn futures closed up 7 cents at $3.73
today. Prices closed near the session high and closed at a
four-week high close today. There are early chart clues
that a market bottom is in place and the bulls gained more
technical momentum today.
November soybeans closed up 3 1/4 cents at $8.76 1/2 a
bushel today. Prices closed nearer the session high and
closed at a two-week high close today. There was a bullish
“key reversal” up confirmed on the daily bar chart last
week, which is one early chart clue that a market bottom is
in place. Also, a bullish weekly high close last Friday was
a better chart clue that the bean market has put in a
bottom. But make no mistake, the bulls have some heavy
lifting to do in the near term to suggest a near-term price
uptrend can be sustained.
December soybean meal closed up $2.60 at $329.30 today.
Prices closed near the session high today. Prices are still
in a two-month-old downtrend on the daily bar chart.
December bean oil closed up 23 points at 28.81 cents today.
Prices closed nearer the session high today on more short
covering. The bears still have the solid overall near-term
technical advantage.
December SRW wheat closed up 32 cents at $5.61 1/4 today.
Prices closed nearer the session high and hit a six-week
high today. SRW bulls have the firm overall near-term
technical advantage and gained more power today.
December HRW wheat closed up 28 1/2 cents at $5.64 today.
Prices closed nearer the session high and hit a six-week
high today. The bulls have gained the overall near-term
technical advantage.
SOFTS: October sugar closed steady at 11.19 cents today.
Prices closed near mid-range today. Prices are not far
above the recent contract low. The sugar bears have the
solid overall near-term technical advantage. Prices are in
a six-week-old downtrend on the daily bar chart.
September coffee closed down 20 points at 110.75 cents
today. Prices closed near mid-range today. The bears have
the firm overall near-term technical advantage. Prices are
in a seven-week-old downtrend on the daily bar chart.
September cocoa closed down $7 at $2,250 a ton today.
Prices closed near mid-range and hit another four-month low
today. The cocoa bears have the overall near-term technical
advantage.
December cotton closed up 129 points at 87.99 cents today.
Prices closed nearer the session high today. The bulls have
the near-term technical advantage. A bull flag pattern has
formed on the daily bar chart.
September orange juice closed up 135 points at $1.6450
today. Prices closed nearer the session high on a
corrective bounce from recent strong selling pressure.
Bulls still have the overall near-term technical advantage.
However, there is very strong chart resistance near the
recent highs.
September lumber futures closed up $2.20 at $490.70 today.
Prices closed near mid-range today. The bears have the
overall near-term technical advantage.
METALS: August gold futures closed up $3.70 at $1,229.20
today. Prices closed near mid-range on short covering. The
gold bears still have the solid overall near-term technical
advantage. There are no strong, early clues to suggest a
market bottom is close at hand.A three-month-old
downtrend is in place on the daily bar chart.
September silver futures closed up $0.055 at $15.575 today.
Prices closed near mid-range today and saw tepid short
covering. The silver bears still have the solid overall
near-term technical advantage. There are no early clues to
suggest a market bottom is close at hand.
September N.Y. copper closed up 80 points at 281.85 cents
today. Prices closed near mid-range. The copper bears still
have the firm overall near-term technical advantage.
ENERGIES: September Nymex crude oil closed up $0.95 at
$69.47 today. Prices closed nearer the session high today.
The bulls have the overall near-term technical advantage.
The next near-term upside price breakout objective for the
crude oil bulls is closing prices above resistance at the
July high of $72.98.
September heating oil closed up 181 points at $2.1560
today. Prices closed nearer the session high today. The
bulls have the overall near-term technical advantage.
September (RBOB) unleaded gasoline closed up 257 points at
$2.0844 today. Prices closed nearer the session high today.
The bulls have the overall near-term technical advantage.
September natural gas closed up 3.3 cents at $2.752 today.
Prices closed nearer the session high today on more short
covering. Bears still have the firm overall near-term
technical advantage.
CURRENCIES: The September Euro
currency closed down 4 points at 1.1725 today. Prices
closed near mid-range today. The bears have the firm
overall near-term technical advantage, amid recent sideways
and choppy trading.
The September Japanese yen closed up 210 points at .90450
today. Prices closed nearer the session high today. More
short covering was featured today. Bears still have the
firm overall near-term technical advantage. Prices are in a
six-week-old downtrend on the daily bar chart.
The September Swiss franc closed up 1 point at 1.0108
today. Prices closed near mid-range today. The Swissy bears
still have the solid overall near-term technical advantage.
The September Canadian dollar closed up 38 points at .7644
today. Prices closed nearer the session high today and
closed at a six-week high close. The bears still have the
overall near-term technical advantage.
The September British pound closed up 17 points at 1.3187
today. Prices closed near mid-range today. The bears have
the solid overall near-term technical advantage. Prices are
in a three-month-old downtrend on the daily bar chart.
The September U.S. dollar index closed down 0.078 at 94.320
today. Prices closed nearer the session high today. A
bearish “key reversal” down has been confirmed on the daily
bar chart, which is one early chart clue that a market top
is in place. But right now the bulls still have the overall
near-term technical advantage.
September U.S. T-Bonds closed up 11/32 at 143 17/32 today.
Prices closed nearer the session high on more short
covering after hitting a five-week low on Tuesday. The bond
market bears have the overall near-term technical
advantage.
September U.S. T Notes closed up 2.5 (32nds) at 119.20.5
today. Prices closed nearer the session high on short
covering after hitting a four-week low on Tuesday. The
bears have the overall near-term technical advantage.
GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
firmer today. World stock markets were mixed to weaker
overnight. There remains little risk aversion in the
marketplace at present, which is bearish for safe-haven
gold and silver. U.S. President Trump is meeting with the
European Union Commission leader Juncker today to try to
de-escalate trade tensions between the U.S. and the EU. The
U.S. has threatened EU automobiles with import tariffs. In
the currency markets, focus is on the Turkish lira, which
has been under strong pressure. Also, the Chinese yuan has
seen serious depreciation against the U.S. dollar in recent
months. The big U.S. economic data point of the week is
Friday’s first estimate of gross domestic product (GDP).
The number is expected to come in at up a strong 4.4%.
However, some analysts are even calling for a number of
5.0% or just above.