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Soybeans:

May soybeans gained 12.00 cents on volume of 353,120 contracts. Volume traded on February 19 with the highest 2015. On February 19, total open interest increased by 6,821 contracts, which relative to volume is approximately 20% below average. However, the March contract accounted for loss of 14,331 of open interest, which makes the total open interest increase more impressive (bullish).

As this report is being compiled on February 20, May soybeans are trading 6.50 cents lower, and the daily low is above OIA’s key pivot point for February 20 of 9.98 1/2. It appears likely that May soybeans will generate a short-term buy signal on February 20.We have no recommendation.

Soybean meal: On February 19, May soybean meal generated a short term buy signal, but remains on an intermediate term sell signal.

May soybean meal gained $8.20 on volume of 124,571 contracts. Total open interest increased by a massive 5,796 contracts, which relative to volume is approximately 75% above average meaning that new buyers were aggressively entering the market and driving prices higher.The March contract accounted for loss of 5,400 of open interest. As this report is being compiled on February 20, May soybean meal is trading 80 cents higher on the day. Usually, after the generation of a buy signal, the market has a tendency to pull back from 1-3 days and this is the opportunity to initiate bullish positions if you are so inclined.

Corn:

May corn gained 5.75 cents on volume of 382,947 contracts. Volume was the strongest since February 10 when corn lost 3.25 cents on volume 423,782 contracts and total open interest increased 7,666 contracts. On February 19, total open interest increased by 4,237 contracts, which relative to volume is approximately 45% below average.The March contract accounted for loss of 22,844 open interest, which makes the total open interest increases more impressive (bullish). However, on February 20 there has been no follow through on yesterday’s rally and May corn is trading 4.75 lower on the day. Stand aside.

WTI crude oil:

April WTI crude oil lost 99 cents on volume of 1,136,634 contracts. Total open interest declined by 7,684, which relative to volume is approximately 60% below average. The March contract accounted for loss of 46,400 of open interest. As this report is being compiled on February 20, April WTI is trading unchanged on the day after making a daily high of 52.49 and a low of 51.03. Based upon trading thus far in the session it appears that the April contract will have an inside day. On February 3 April WTI generated a short term buy signal, but remains on intermediate-term sell signal. Stand aside.

Brent crude oil:

April Brent crude oil lost 32 cents on volume of 843,292 contracts. Total open interest increased by 9,250 contracts, which relative to volume is approximately 45% below average. The April contract accounted for loss of 3,269 of open interest. As this report is being compiled on February 20, April crude oil is trading 19 cents above yesterday’s close and has made a daily high of 61.15, which is slightly above yesterday’s high of 60.99. On February 3 Brent crude oil generated a short-term buy signal, but remains on an intermediate term sell signal. Stand aside.

Heating oil:

April heating oil lost 10 ticks on volume of 197,566 contracts. Total open interest declined by a massive 13,180 contracts, which relative to volume is approximately 160% above average mean that liquidation was extremely heavy on the nearly unchanged close. The March contract accounted for loss of 11,267 of open interest. As this report is being compiled on February 20, April heating oil is trading 3.72 cents higher on the day. On February 3 heating oil generated a short-term buy signal, but remains on intermediate term sell signal. Stand aside.

Gasoline:

April gasoline gained 2.23 cents on volume of 183,724 contracts. Total open interest declined by a massive 11,602 contracts, which relative to volume is approximately 120% above average, meaning that liquidation was extremely heavy on the modest advance.The March contract accounted for loss of 7,214 of open interest. As this report is being compiled on February 20, April gasoline is trading 57 ticks higher and has made a daily high of 1.8789, which above yesterday’s high of 1.8444. On February 3, gasoline generated a short-term buy signal, but it remains on an intermediate-term sell signal. Stand aside.

Gold:

April gold gained $7.40 on volume of 124,572 contracts. Total open interest increased by 3,382 contracts, which relative to volume is average. As this report is being compiled on February 20, April gold is trading 90 cents lower and has made a daily high of 1215.30, which is above OIA’s key pivot point for the generation of an intermediate term sell signal. The high of the day must be below the pivot point for the sell signal to be generated.On February 9, April gold generated a short-term sell signal. Stand aside.

Silver:

March silver gained 11.6 cents on volume of 56,286 contract. Total open interest increased just 24 contracts.The March contract accounted for loss of 5,836 of open interest. As this report is being compiled on February 20, March silver is trading 11.6 cents lower and has made a new low for the move of 16.190. On February 18, March and May silver generated a short-term sell signal and for an intermediate-term sell signal be generated, the high of the day must be below OIA’s key pivot point for February 20 of 16.346. Stand aside.

Cocoa:

May cocoa gained $2.00 on volume of 25,459 contracts. Total open interest increased by 2558 contracts, which relative to volume is approximately 300% above average meaning a battle ensued between buyers and sellers and buyers had the edge by moving prices fractionally higher.  As this report is being compiled on February 20, May cocoa has closed higher again at 2977, which is above yesterday’s close of 2966. The market remains massively overbought, and we encourage clients to remain on the sidelines.

Coffee:

May coffee lost 4.30 cents on volume of 32,764 contracts. Volume was the lowest since February 5 when coffee lost 15 ticks on volume of 27,579 contracts and total open interest increased by 1,967.On February 19, total open interest increased by 764 contracts, which relative to volume is approximately 10% below average. However, the March contract accounted for loss of 418 of open interest, May -1149, which makes the total open interest increase more impressive (bearish). As this report is being compiled on February 20, May coffee has had its first positive close + 25 ticks since February 12 when coffee closed 5.15 cents higher on volume of 66,048 contracts and total open interest increased by 579.We think coffee will undergo a period of repair before beginning its move higher.