KEY EVENTS TO WATCH FOR:

Friday, June 9, 2023 

10:00 AM ET. 1^st Quarter Quarterly Services

12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)

                       Corn, End Stocks (Bushels)

                       Soybeans, End Stocks (Bushels)

                       Wheat, End Stocks (Bushels)

                       Cotton, End Stocks (Bales)

Monday, June 12, 2023 

2:00 PM ET. May Monthly Treasury Statement of Receipts and Outlays of the U.S. Government

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The Dow closed higher on Thursday as it extends the rally off May's low.Today's high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off May's low, May's high crossing at 34,257.83 is the next upside target. Closes below the 20-day moving average crossing at 33,479.34 would signal that a short-term top has been posted. First resistance is today's high crossing at 33,851.55. Second resistance is May's high crossing at 34,257.83. First support is the 20-day moving average crossing at 33,479.34. Second support is last-Thursday's low crossing at 32,704.51. Third support is May's low crossing at 32,586.56. 

The September NASDAQ 100 closed higher on Thursday as it extends the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible. If September extends this year's rally, the 75% retracement level of the 2021-2022-decline on the weekly continuation chart crossing at 15,202.41 is the next upside target. Closes below the 20-day moving average crossing at 14,188.79 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 14,869.50. Second resistance is the 75% retracement level of the 2020-2022-decline on the weekly continuation chart crossing at 15,202.41. First support is the 20-day moving average crossing at 14,188.79. Second support is the 50-day moving average crossing at 13,655.05.  

The September S&P 500 closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off March's low, the 62% retracement level of the 2021-2022 decline on the continuation chart crossing at 4358.36 is the next upside target. Closes below the 20-day moving average crossing at 4244.32 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 4348.75. Second resistance is the 62% retracement level of 2022's decline crossing at 4358.36. First support is the 10-day moving average crossing at 4286.12. Second support is the 20-day moving average crossing at 4244.32.      

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September T-bonds closed up 1-03/32's at 127-19. 

September T-bonds closed sharply higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Thursday's high crossing at 129-16 would confirm that a short-term low has been posted while opening the door for additional gains near-term. If September renews the decline off April's high, the 87% retracement level of the March- April rally crossing at 124-19 is the next downside target. First resistance is last-Thursday's high crossing at 129-16. Second resistance is the 50-day moving average crossing at 130-04. First support is the 75% retracement level of the March-April rally crossing at 125-30. Second support is the 87% retracement level of the March- April rally crossing at 124-19.

September T-notes closed up 170-pts. At 113.240.

June T-notes closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the decline off May's high, the 75% retracement level of March's rally crossing at 112.190 is the next downside target. Closes above the 20-day moving average crossing at 114.169 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at 115.000. Second resistance is the 50-day moving average crossing at 115.150. First support is the 75% retracement level of March's rally crossing at 112.190. Second support is the 87% retracement level of March's rally crossing at 111.243.  

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July crude oil closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday's day session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 50-day moving average crossing at $74.64 would confirm that a short-term low has been posted while opening the door for additional short-term gains. Closes below last-Wednesday's low crossing at $67.03 would signal that a double top has been posted with the late-May high. First resistance is the 50-day moving average crossing at $74.64. Second resistance is the April 28^th high crossing at $76.74. First support is last-Wednesday's low crossing at $67.03. Second support is May's low crossing at $63.90.  

July heating oil closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday's day trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 2.4303 would mark an upside breakout of the May-June trading range. Closes below today's low crossing at $2.3174 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 2.4303. Second resistance is the April 24^th high crossing at $2.5332. First support is the May 31^st low crossing at $2.2268. Second support is May's low crossing at $2.1550. 

July unleaded gas closed lower on Thursday as it consolidated some of the rally off May's low. The mid-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, the 87% retracement level of the April-May decline crossing at 2.6958 is the next upside target. Closes below the 20-day moving average crossing at 2.5111 would signal that a short-term top has been posted. First resistance today's high crossing at 2.6822. Second resistance is the 87% retracement level of the April-May decline crossing at 2.6958. First support is the June low crossing at 2.4016. Second support is the May 15^th low crossing at 2.3565.    

July Henry natural gas closed slightly higher on Thursday as it consolidated some of the decline off May's high. The high-range close sets the stage for a steady to slightly higher opening when Friday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 2.491 would signal that a short-term low has been posted. If July renews the decline off March's high, the September-2020 low on the monthly continuation chart crossing at 1.795 is the next downside target.First resistance is the 20-day moving average crossing at 2.419. Second resistance is the 50-day moving average crossing at 2.491. First support is last-Thursday's low crossing at 2.136. Second support is the September-2020 low on the monthly continuation chart crossing at 1.795. 

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The September Dollar closed lower on Thursday as it appears poised to breakout to the downside of the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 102.955 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If September resumes the rally off May's low, the March 15^th high crossing at 104.250 is the next upside target. First resistance is the March 15^th high crossing at 104.250. Second resistance is the March 8^th high crossing at 104.730. First support is today's low crossing at 102.875. Second support is the 50-day moving average crossing at 101.958.   

The September Euro closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices is possible near-term. Closes above the 20-day moving average crossing at $1.08416 would signal that a short-term low has been posted. If September extends the decline off May's high, the 38% retracement level of the 2022-2023 rally crossing at $1.06472 is the next downside target. First resistance is the 20-day moving average crossing at $1.08416. Second resistance is the 50-day moving average crossing at 1.09694. First support is last-Wednesday's low crossing at $1.07025. Second support is the 38% retracement level of the 2022-2023 rally crossing at $1.06472.

The September British Pound closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible near-term. If September renews last-week's rally, May's high crossing at 1.2705 is the next upside target. If September resumes the decline off May's high, the 25% retracement level of the 2022-2023 rally crossing at 1.2100 is the next downside target. First resistance is today's high crossing at 1.2578. Second resistance is May's high crossing at 1.2705. First support is May's low crossing at 1.2333. Second support is April's low crossing at 1.2316. 

The September Swiss Franc closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 1.12841 would signal that a short-term low has been posted. If September resumes the decline off May's high, the 38% retracement level of 2022-2023 rally crossing at 1.10197 is the next downside target. First resistance is the 50-day moving average crossing at 1.12841. Second resistance is the May 4^th high crossing at 1.14920. First support is the 38% retracement level of 2022-2023 rally crossing at 1.10197. Second support is the 50% retracement level of 2022-2023 rally crossing at 1.08741. 

The September Canadian Dollar closed higher on Thursday as it extends the rally off May's low. The mid-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, April's high crossing at 75.31 is the next upside target. Closes below the 20-day moving average crossing at 74.27 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 75.21. Second resistance is April's high crossing at 75.31. First support is the 20-day moving average crossing at 74.27. Second support is May's low crossing at 73.44.  

The September Japanese Yen closed higher on Thursday as it extends the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher opening when Friday’s day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 0.073505 would signal that a short-term low has been posted. If September renews the decline off March's high, the 87% retracement level of the October-January rally crossing at 0.070777 is the next downside target. First resistance is the 20-day moving average crossing at 0.073505. Second resistance is the 50-day moving average crossing at 0.075220. First support is the 75% retracement level of the October-January rally crossing at 0.072174. Second support is the 87% retracement level of the October-January rally crossing at 0.070777.    

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August gold closed higher on Thursday as it extends the trading range of the past four-weeks. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If August renews the decline off May's high, the 38% retracement level of the 2022-2023 rally crossing at $1941.90. Closes above the 50-day moving average crossing at $2017.30 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $1991.50. Second resistance is the 50-day moving average crossing at $2017.30. First support is the 38% retracement level of the 2022-2023 rally crossing at $1941.90. Second support is the 50% retracement level of the 2022-2023 rally crossing at $1892.30.  

July silver closed sharply higher on Thursday as it extended the rally off May's low. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the aforementioned rally, the 50-day moving average crossing at 24.697 is the next upside target. If July renews the decline off May's high, the 62% retracement level of the March-May rally crossing at 22.546 is the next downside target. First resistance is today's high crossing at 24.460. Second resistance is the 50-day moving average crossing at 24.697. First support is the 62% retracement level of the March-May rally crossing at 22.546. Second support is the 75% retracement level of the March-May rally crossing at 21.708.  

July copper closed higher on Thursday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, the 50-day moving average crossing at 3.8695 is the next upside target. If July renews the decline off April's high, the 75% retracement level of the 2022-2023 rally crossing at 3.4683 is the next downside target. First resistance is Wednesday's high crossing at 3.8115. Second resistance is the 50-day moving average crossing at 3.8695. First support is the 20-day moving average crossing at 3.7012. Second support is May's low crossing at 3.5450.

GRAINS? http://quotes.ino.com/ex?changes/?c=grains "

July Corn closed up $0.06-cents at $6.10 1/4. 

July corn post closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, the 75% retracement level of the April-May decline crossing at $6.22 1/2 is the next upside target. Closes below last-Friday's low crossing at $5.81 1/4 would temper the near-term friendly outlook. First resistance is Monday's high crossing at $6.14. Second resistance is the 75% retracement level of the April-May decline crossing at $6.22 1/2. First support is last-Wednesday's low crossing at $5.77 1/2. Second support is May's low crossing at $5.47. 

July wheat closed up $0.09 1/2-cents at $6.26 1/4.  

July wheat closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $6.50 1/4 would open the door for a possible test of May's high crossing at $6.69 later this week. If July renews the decline off February's high, the March-2021 low crossing at $5.71 is the next downside target. First resistance is the 50-day moving average crossing at $6.50 1/4. Second resistance is May's high crossing at $6.69. First support is last-Wednesday's low crossing at $5.73 1/4. Second support is the March-2021 low crossing at $5.71. 

July Kansas City Wheat closed up $0.16 3/4-cents at $8.04 3/4.

July Kansas City wheat closed sharply higher on Thursday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $8.30 3/4 would signal that a short-term low has been posted. If July renews the decline off May's high, the 87% retracement level of May's rally crossing at $7.59 3/4 is the next downside target. First resistance is the 20-day moving average crossing at $8.30 3/4. Second resistance is the May 10^th high crossing at $8.63 3/4. First support is the 87% retracement level of May's rally crossing at $7.59 3/4. Second support is May's low crossing at $7.36 1/4.

July Minneapolis wheat closed up $0.21 3/4-cents crossing at $8.15 3/4.

July Minneapolis wheat closed higher on Thursday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $8.37 1/2 would signal that a short-term low has been posted. If July renews the decline off May's high, May's low crossing at $8.69 is the next downside target. First resistance is the 50-day moving average crossing at $8.37 1/2. Second resistance is May's high crossing at $8.88 1/2. First support is last-Wednesday's low crossing at $7.75 1/2. Second support is May's low crossing at $7.69.  

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July soybeans closed up $0.02 1/2-cents at $13.63 1/4.

July soybeans closed higher on Thursday as it extends the rally off last-Wednesday's low. The mid-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off last-Wednesday's low, the 50-day moving average crossing at $14.07 is the next upside target. Closes below the 10-day moving average crossing at $13.36 1/2 would signal that a short-term top has been posted. If July renews this year's decline, the 50% retracement level of the 2020-2022 crossing at $12.12 is the next downside target. First resistance is the 50-day moving average crossing at $14.07. Second resistance is May's high crossing at $14.46 3/4. First support is May's low crossing at $12.70 3/4. Second support is the 50% retracement level of the 2020-2022 crossing at $12.12.

July soybean meal closed down $1.20 at $404.00. 

July soybean meal closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $409.20 would signal that a short-term low has been posted. If July renews the decline off March's high, the 62% retracement level of the 2020-2023 rally crossing at $365.60 is the next downside target. First resistance is the 20-day moving average crossing at $409.20. Second resistance is the 50-day moving average crossing at $429.40. First support is last-Wednesday's low crossing at $386.30. Second support is the 62% retracement level of the 2020-2023 rally crossing at $365.60. 

July soybean oil closed up 203-pts. at 52.50. 

July soybean oil closed higher on Thursday and the 50-day moving average crossing at 51.78 as it extends the rally off last-Wednesday's low.The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above 50-day moving average crossing at 51.78 opens the door for a possible test of May's high crossing at 55.12. Closes below the 20-day moving average crossing at 48.68 would signal that a short-term top has been posted. First resistance is May's high crossing at 55.12. Second resistance is the April 18^th high crossing at 56.21. First support is last-Wednesday's low crossing at 44.53. Second support is the 75% retracement level of the 2020-2022 rally crossing at 40.19. 

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 

July hogs closed up $0.58 at $87.50. 

July hogs closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, the April 28^th high crossing at $94.00 is the next upside target. Closes below the 10-day moving average crossing at $82.85 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $88.73. Second resistance is the April 28^th high crossing at $94.00. First support is last-Wednesday's gap crossing at $79.53. Second support is May's low crossing at $74.02.  

August cattle closed down $1.05 at $172.15. 

August cattle closed lower on Thursday following yesterday's posting of a key reversal down. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $166.70 would signal that a top has been posted. If August extends this year's rally unto uncharted territory, upside targets will be hard to project. First resistance is Wednesday's high crossing at $178.10. Second resistance is unknown. First support is the 10-day moving average crossing at $170.42. Second support is the 20-day moving average crossing at $166.70.      

August Feeder cattle closed down $0.50 at $238.60. 

August Feeder cattle closed lower on Thursday following yesterday's key reversal down signaling that a short-term top might be in or is near. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $235.70 would signal that a short-term top has been posted. If August extends the rally off May's low, the October-2014 high on the monthly continuation chart crossing at $245.20 is the next upside target. First resistance is Wednesday's high crossing at $245.18. Second resistance is the October-2014 high on the monthly continuation chart crossing at $245.20. First support is the 10-day moving average crossing at $239.27. Second support is the 20-day moving average crossing at $235.70. 

FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 

July coffee closed sharply higher on Thursday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. Closes above May's high crossing at $19.44 would open the door for a possible test of April's high crossing at $20.49. Closes below the 10-day moving average crossing at $18.29 would signal that a short-term top has been posted. First resistance is today's high crossing at $19.62. Second resistance is April's high crossing at $20.49. First support is the 10-day moving average crossing at $18.29. Second support is May's low crossing at $17.56.  

July cocoa higher on Thursday as it extends this year's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, monthly resistance crossing at 32.15 is the next upside target. Closes below the 20-day moving average crossing at 30.23 would signal that a short-term top has been posted.    

July sugar closed sharply higher on Thursday, The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends today's rally, the May 23^rd high crossing at 26.22 is the next upside target. Multiple closes below the 50-day moving average crossing at 24.73 would open the door for additional weakness near-term.         

July cotton closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 82.71 would signal that a top has been posted. If July extends the rally off the May 25^th low crossing at 79.86, May's high crossing at 87.98 is the next upside target.