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Soybeans: 

May soybeans lost 8.75 cents on surprisingly  light volume of 164,367 contracts. Volume increased from the 159,142 contracts traded on March 9 when May soybeans gained 8.25 cents and total open interest increased by 2,532 contracts.On March 10, total open interest increased by 1,498 contracts, which relative to volume is approximately 55% below average, but an open interest increase on a price decline is bearish. The March through August contracts lost 2,302 of open interest and the open interest increases were in the November 2015 forward contracts.

As this report is being compiled on March 11, May soybeans are trading 9.50 higher on the day and have made a daily high at 9.97 1/2, which takes out yesterday’s high of 9.94, but is below the March 9 high of 9.99. We think the path of least resistance is lower, however, soybeans have not broken down, but we think this is inevitable. On March 6 May soybeans generated a short-term sell signal. Soybeans may not begin to trade significantly lower until a sell signal is generated in soybean meal.

Soybean meal:

May soybean meal lost $3.10 on volume of 64,357 contracts. Total open interest increased by 259 contracts, which relative to volume is approximately 80% below average. The March contract lost 574 of open interest, May -453, July -164. As this report is being compiled after the close, May soybean meal has closed 2.30 higher and remains on a short-term buy signal, but an intermediate-term sell signal.

Corn:

May corn lost 0.75 cents on volume of 289,360 contracts. Total open interest declined by 10,465 contracts on which relative to volume is approximately 45% above average meaning liquidation was heavy on the modest decline.The March contract lost 2,053 of open interest.As this report is being compiled after the close, May corn has closed 3.00 cents higher on the day.

Live cattle:

June live cattle  gained 10 points on volume of 61,633 contract. Total open interest declined by 781 contracts, which relative to volume is approximately 45% below average. The April contract lost 5,572 of open interest. As this report is being compiled after the close, June live cattle closed 67.5 points higher. On March 5, June live cattle generated a short-term buy signal, and we recommended that clients initiate bullish positions on pullbacks and there have been a couple since the buy signal. Clients should use the March 10 low of 1.45250 as an exit point for bullish positions.

WTI crude oil: On March 11, April WTI will generate a short-term sell signal, which reverses the February 13 short-term buy signal. April WTI remains on intermediate-term sell signal.

April WTI crude oil lost $1.71 on volume of 843,345 contracts. Total open interest declined by 2,718 contracts. The April contract lost 35,370 open interest. As this report is being compiled after the close, April WTI lost 12 cents and has made daily high of 49.05, which is below OIA’s key pivot point for March 11 of 49.48. This means that April WTI has generated a short-term sell signal. This reverses the short-term buy signal of February 13.

Brent crude oil: On March 11, May Brent crude oil will generate a short-term sell signal, which reverses the short-term buy signal of February 3. May Brent remains on intermediate-term sell signal.

May Brent crude oil lost 2.21 on volume of 776,626 contracts. Total open interest declined by 5,029 contracts. The April contract lost 18,470 of open interest. As this report is being compiled after the close, May Brent crude has closed $1.01 higher, however the daily high 58.20 is below OIA’s key pivot point for March 11 of 59.12, which means that May Brent crude oil generated a short-term sell signal. Stand aside.

Cocoa: On March 11, May cocoa will generate a short-term sell signal, but remains on intermediate term buy signal.

May cocoa lost $21.00 on volume of 17,855 contract. Total open interest declined by massive 1,114 contracts, which relative to volume is approximately 140% above average meaning liquidation was extremely heavy on the modest decline.As this report is being compiled after the close, May cocoa has closed $58.00 lower and will generate a short-term sell signal.

Coffee:

May coffee lost 1.95 cents on volume of 25,648 contracts. Total open interest increased by 866 contracts, which relative to volume is approximately 35% above average meaning that new short-sellers were aggressively entering the market and driving prices lower. As this report is being compiled after the close, May coffee is down 3.30 cents on the day. Stand aside.

S&P 500 E mini: The March and June S&P 500 E mini will generate a short-term sell signal on March 11.