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Soybeans:

May soybeans lost 2.00 cents on volume of 259,010 contracts. Total open interest increased by 7,836 contracts, which relative to volume is approximately 5% above average meaning that new short-sellers were entering the market and driving prices to a new low for the move (9.44 1/4).The May contract lost 7,541 of open interest, which makes the total open interest increase more impressive (bearish). As this report is being compiled on April 13, May soybeans are trading 1.25 cents lower, but have not taken out yesterday’s low. May soybeans remain on a short and intermediate term sell signal.

Soybean meal:

May soybean meal lost $2.90 on volume of 131,602 contracts. Total open interest declined by 3,024 contracts, which relative to volume is approximately 10% below average.The May contract lost 12,979 of open interest, which means there were sufficient open interest increases in the forward months to reduce total open interest substantially. We consider this to be bearish. As this report is being compiled on April 13, May soybean meal is trading 80 cents lower. May soybean meal remains on a short and intermediate term sell signal.

Corn:

May corn lost 1.00 cents on volume of 418,401 contracts.total open interest declined by 9,951 contracts, which relative to volume is approximately 10% below average. The May contract accounted for loss of 38,491 of open interest, which means there were sufficient open interest increases in the forward months to reduce total open interest to below average. As this report is being compiled on April 13, May corn is trading 4.00 cents lower and has made daily low 3.72 3/4, which takes out Friday’s print of 3.74 and is a new low for the move. It matches the March 20 low of 3.72 3/4. May corn remains on a short and intermediate term sell signal.

Chicago wheat:

May Chicago wheat gained 7.75 cents on heavy volume of 193,916 contracts.Volume exceeded that of April 9 when May Chicago wheat lost 7.50 cents on volume of 170,145 contracts and total open interest increased by 4,274 contracts.On April 10, total open interest declined by 2,613 contracts, which relative to volume is approximately 45% below average. The May contract accounted for loss of 17,404 of open interest.

As this report is being compiled on April 13, July Chicago wheat is trading sharply lower, down 21.50, or -4.08%. July Chicago wheat is headed for a short-term sell signal. For this to occur, the daily high must be below OIA’s key pivot point for April 13 of 5.08 1/2. July Chicago wheat remains on intermediate-term sell signal.

Kansas City wheat:

May Kansas City wheat gained 7.25 cents on volume of 37,327 contracts. Total open interest declined by 576 contracts, which relative to volume is approximately 35% below average. The May contract accounted for loss of 4,259 of open interest. As this report is being compiled on April 13, May Kansas City wheat is 28.75 cents lower or -5.15%. July Kansas City wheat will generate a short-term sell signal if the high of the day is below OIA’s key pivot point for April 13 of 5.50 7/8.

Live cattle:

June live cattle lost 2.775 cents on heavy volume of 65,323 contracts. Total open interest increased by 132 contracts, which is dramatically below average. However, an open interest increase on a price decline of the magnitude seen on April 10 is clearly bearish The April contract lost 1,232 of open interest, June -1,850, which makes the minor increase of open interest much more impressive (bearish).

As this report is being compiled on April 13, June live cattle is trading near unchanged on the day. June live cattle will generate a short-term sell signal on April 13 if the high of the day is below OIA’s key pivot point for April 13 of 1.49870. The daily high thus far on April 13 has been 1.49325, which is below OIA’s pivot point.

From the April 12 Weekend Wrap:

“It appears likely that a short-term sell signal in June live cattle will be generated during the next couple of days.The major moving averages are in a bearish set up with the 50 day moving average of 1.46680, 100 day 1.50379 and the 200 day moving average of 1.50318. Additionally, year to date, June live cattle is trading 4.36% lower, 180 days -4.91% and for the past 90 days is- 1.23%.”

“Looking at the trading range for the past 52 weeks, June live cattle closed 8.67% off the contract high of 1.62925 made on November 21, 2014 on April 10 while it is 11.40% above the 52-week low of 1.33575 made on April 21, 2014. In short, the June contract is trading somewhat above the midpoint of the 52-week range.”

WTI crude oil:

May WTI crude oil gained 85 cents on volume of 862,249 contracts. Total open interest increased by a respectable 14,339 contracts, which relative to volume is approximately 30% below average, however, the May contract lost a massive 52,045 open interest, which makes the total open interest increase more impressive (bullish).

As this report is being compiled on April 13, May WTI is trading 58 cents above yesterday’s close and has made a daily high 53.10, which is the highest print since 53.23 made on April 8. On April 7, May WTI generated a short term of buy signal, but remains on an intermediate term sell signal. An intermediate term buy signal will be generated if the low of the day is above OIA’s key pivot point for April 13 of 51.50.

The problem with WTI is that Brent crude oil is on a short-term sell signal as is heating oil and gasoline. In order for WTI to have a sustained move higher, both heating oil gasoline need to generate short term by signals along with Brent crude oil. Stand aside.

Brent crude oil:

May Brent crude oil gained $1.30 on volume the 654,946 contracts. Total open interest declined by 2,004 contracts, which is dramatically below average. The May contract lost 30,969 of open interest. The performance of Brent crude oil has been abysmal compared to WTI. As this report is being compiled on April 13, June Brent crude oil is trading 54 cents higher. In order for Brent to generate a short-term buy signal, the lower the day must be above OIA’s key pivot point for April 13 of 59.55 for the June contract.

Gold:

June gold advanced $11.00 on volume of 133,490 contracts. Total open interest increased by 1,689 contracts, which relative to volume is approximately 40% below average. The August contract accounted for loss of 254 of open interest. As this report is being compiled on April 13, June gold is trading 5.10 lower. On April 6, June gold generated a short-term buy signal, but remains on intermediate term sell signal. Stand aside.

Silver:

May silver gained 20.6 cents on strong volume of 66,980 contracts. Total open interest increased by 1,301 contracts, which relative to volume is approximately 20% below average, however an open interest increased on the price advanced on April 10 is positive.The May contract lost 4,090 of open interest, which makes the total open interest increase more impressive (bullish).As this report is being compiled on April 13, May silver is trading 8.7 cents lower on the day. May silver remains on a short and intermediate term buy signal. Stand aside.

Coffee:

July coffee lost 2.30 cents on volume of 55,965 contracts. Volume fell from April 9 when coffee advanced 1.40 cents on volume of 60,642 contracts and total open interest increased by 337 contracts.On April 10, total open interest declined by massive 4,297 contracts, which relative to volume is approximately 210% above average meaning liquidation was extremely heavy on the decline. The May contract accounted for a loss of 11,475 of open interest.

As this report is being compiled on April 13, July coffee has closed at 1.3620, down 1.65 cents from Friday. Coffee reversed course in the last 45 minutes of trading after making a high of 1.4045, which is below Friday’s high of 1.4090.This has been typical whereby coffee rallies in the early part of the day session and then reverses course in the last hour. First notice for May coffee is April 22 and we expect volatile trading activity until then. We think it is highly likely the April 7 short-term buy signal will be reversed and that July coffee will test its March 3 low.