LIVESTOCK: August live cattle closed down $0.75 at
108.27 today. Prices closed near mid-range and hit a four-
month high early on today. Profit taking was featured and
prices scored a bearish “outside day” down on the daily bar
chart. The bulls have the overall near-term technical
advantage. A nine-week-old uptrend is in place on the daily
bar chart.
August feeder cattle closed down $1.35 at $151.47 today.
Prices closed near mid-range today and scored a big and
bearish “outside day” down on the daily bar chart. The
feeder cattle market bulls still have the overall near-term
technical advantage. Prices are in a two-month-old uptrend
on the daily bar chart.
August lean hogs closed down $1.35 at $65.05 today. Prices
closed nearer the session low and hit another contract low
today. The hog bears have the solid overall near-term
technical advantage.
GRAINS: December corn futures closed up 1 1/4 cents at
$3.74 1/2 today. Prices closed near the session low after
hitting a four-week high early on today. There are chart
clues that a market bottom is in place.
November soybeans closed down 2 cents at $8.73 3/4 a bushel
today. Prices closed near the session low after hitting a
three-week high early on today. There are chart clues that
a market bottom is in place. Still, 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 $2.40 at $330.90 today.
Prices closed nearer the session low today.
December bean oil closed down 24 points at 28.58 cents
today. Prices closed nearer the session low today. The
bears have the solid overall near-term technical advantage.
December SRW wheat closed down 8 1/2 cents at $5.53 1/4
today. Prices closed nearer the session low on profit
taking from recent strong gains and after hitting a six-
week high early on today. SRW bulls still have the firm
overall near-term technical advantage.
December HRW wheat closed down 5 3/4 cents at $5.60 1/2
today. Prices closed nearer the session low after hitting a
six-week high early on today. The bulls have the overall
near-term technical advantage.
SOFTS: October sugar closed down 18 points at 11.01
cents today. Prices closed near mid-range today and hit a
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 130 points at 109.70 cents
today. Prices closed nearer the session low today. The
bears have the solid overall near-term technical advantage.
Prices are in a seven-week-old downtrend on the daily bar
chart.
September cocoa closed up $76 at $2,321 a ton today. Prices
closed nearer the session high today on short covering
after hitting a four-month low on Wednesday. The cocoa
bears have the overall near-term technical advantage.
December cotton closed down 9 points at 87.87 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 down 115 points at $1.6360
today. Prices closed near the session low and scored a
bearish “outside day” down on the daily bar chart. Bulls
still have the overall near-term technical advantage.
However, there is very strong chart resistance near the
recent highs.
September lumber futures closed down the $15.00 limit at
$478.30 today. The bears have the overall near-term
technical advantage.
METALS: August gold futures closed down $5.70 at
$1,226.10 today. Prices closed near the session low. The
gold bears 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 down $0.109 at $15.48
today. Prices closed nearer the session low today and
scored a bearish “outside day” down on the daily bar chart.
The silver bears 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 down 15 points at 281.60 cents
today. Prices closed nearer the session low. The copper
bears have the firm overall near-term technical advantage.
ENERGIES: September Nymex crude oil closed up $0.42 at
$69.71 today. Prices closed nearer the session high today.
The bulls have the overall near-term technical advantage
and have momentum on their side.
September heating oil closed up 190 points at $2.1750
today. Prices closed near the session high today. The bulls
have the overall near-term technical advantage.
September (RBOB) unleaded gasoline closed up 217 points at
$2.1068 today. Prices closed nearer the session high today.
The bulls have the overall near-term technical advantage.
September natural gas closed up 0.9 cents at $2.764 today.
Prices closed near mid-range today. Bears still have the
overall near-term technical advantage.
CURRENCIES: The September Euro
currency closed down 39 points at 1.1707 today. Prices
closed nearer the session low today. The bears have the
firm overall near-term technical advantage, amid recent
sideways and choppy trading.
The September Japanese yen closed down 265 points at .90270
today. Prices closed nearer the session low today. Bears
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 down 11 points at 1.0107
today. Prices closed nearer the session low today. The
Swissy bears have the solid overall near-term technical
advantage.
The September Canadian dollar closed down 10 points at
.7656 today. Prices closed nearer the session low today.
The bears have the overall near-term technical advantage.
The September British pound closed down 50 points at 1.3152
today. Prices closed nearer the session low and scored a
bearish “outside day” down on the daily bar chart 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 up 0.291 at 94.420
today. Prices closed nearer the session high today and
scored a bullish “outside day” up on the daily bar chart.
The bulls have the overall near-term technical advantage.
September U.S. T-Bonds closed up 4/32 at 142 27/32 today.
Prices closed nearer the session low. The bond market bears
have the overall near-term technical advantage.
September U.S. T Notes closed up 2.0 (32nds) at 119.13.0
today. Prices closed nearer the session low. The bears have
the overall near-term technical advantage.
GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
mixed today. World stock markets were mixed to weaker
overnight, as Asian bourses were mostly lower and European
equities mostly higher. U.S. stock index futures on
Wednesday hit new contract or multi-month highs. The
European Central Bank, at its regular monetary policy
meeting Thursday, left interest rates unchanged, as
expected. The U.S. and European Union reached a tentative
trade deal Wednesday, which somewhat assuaged European
equity markets overnight. The buzz in the marketplace today
was the big downside hit to the Facebook stock price after
that company posted a big miss in earnings Wednesday
afternoon.