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Soybeans:

May soybeans gained 10.50 cents on volume of 187,424 contracts. Volume fell from March 17 when May soybeans lost 14.75 cents on volume of 193,638 contracts and total open interest increased by 12,344.On March 18, total open interest increased by 5,981 contracts, which relative to volume is approximately 35% above average meaning that aggressive new buyers were entering the market and pushing prices higher. The July contract lost 167 of open interest.

As this report is being compiled on March 19, May soybeans are trading 6.00 cents lower after making a high of 9.80 1/4. We are a bit surprised to see open interest increase as strong as it did on March 18 considering the impetus for the rally was the sharp drop in the dollar index. Although, May soybeans remain on a short and intermediate term sell signal, the significant increase in open interest in yesterday’s trading may indicate that further down moves may be limited, at least for now.We have no trading recommendation.

Soybean meal:

May soybean meal gained $3.30 on volume of 78,609 contracts. Contrary to soybeans, total open interest declined on the rally by 2,089 contracts, which relative to volume is average. The May contract lost 3,786 of open interest. As this report is being compiled on March 19, May soybean meal is trading $2.00 lower and has made a daily high at 327.40, which is the highest print since March 16 (328.80).We have no trading recommendation.

Corn:

May corn gained 3.75 cents on volume of 249,030 contracts. Total open interest increased by 6,119 contracts, which relative to volume is average.The September 2015 contract lost 1,121 of open interest, December 2015 -852, which makes the total open interest increased more impressive (bullish).As this report is being compiled on March 19, May corn is trading 2.00 cents lower. We have no trading recommendation.

Live cattle:

June live cattle advanced the 3.00 percent daily limit on total volume of 63,440 contracts. Total open interest increased by massive 3,838 contracts, which relative to volume is approximately 140% above average. The April contract lost 2,534 of open interest, which makes the total open interest increase by much more impressive (bullish). Yesterday, June cattle made a high of 1.48475 and this has been taken out on March 19 with another new high of 1.50200. On March 19, the daily low has been 1.48450, which is considerably above OIA’s key pivot point of 1.45650 for the continuation of the rally. On March 5, June live cattle generated a short-term buy signal, and remains on intermediate-term sell signal. However, the market clearly wants to go higher and it looks like June cattle may generate an intermediate term buy signal possibly tomorrow.

WTI crude oil:

May WTI crude oil gained $1.46 on very heavy volume of 1,035,393 contracts. Volume was the strongest since March 4 when WTI advanced $1.01 on volume of 1,119,360 contracts and total open interest increased by 7,572 contracts.On March 18, total open interest increased by 14,121 contracts, which relative to volume is approximately 40% less than average. However, the April contract accounted for a loss of 24,591 of open interest, which makes the total open interest increase more impressive (bullish).

As this report is being compiled on March 19, May WTI crude oil is trading 1.51 lower and has made a daily low of 44.77, which is above yesterday’s low of 44.03. The impetus for yesterday’s rally was the massive decline in the dollar, and on March 19, the dollar is trading sharply higher. On March 11, May WTI crude oil generated a short-term sell signal. Stand aside.

Brent crude oil:

May Brent crude oil gained $2.40 on volume of 729,852 contracts. Total open interest increased by 1,770 contracts, which is minuscule and dramatically below-average. Note the difference in the open interest increase between Brent crude and WTI. As this report is being compiled on March 19, May Brent crude is trading $1.60 lower on the day.On March 11, Brent crude oil generated a short term sell signal. Stand aside.

Natural gas:

April natural gas gained 6.5 cents on volume of 417,824 contracts. Total open interest increased by 637 contracts. The April contract lost 11,042 of open interest, which makes the total open interest increase by more impressive (bullish). As this report is being compiled after the release of the EIA report, April natural gas is training 12.8 cents lower is made a daily low of 2.776, which is above yesterday’s low of 2.775.April natural gas remains on a short and intermediate term sell signal.

Although according to the latest EIA report, natural gas stocks are 507 Bcf higher than last year at this time. Keep in mind that the April 2014 contract closed at 4.369 on Thursday, March 20, 2014.Currently the April 2015 contract is trading $1.579 lower than at the same time last year.

The Energy Information Administration announced that working gas in storage was 1,467 Bcf as of Friday, March 13, 2015, according to EIA estimates. This represents a net decline of 45 Bcf from the previous week. Stocks were 507 Bcf higher than last year at this time and 225 Bcf below the 5-year average of 1,692 Bcf. In the East Region, stocks were 161 Bcf below the 5-year average following net withdrawals of 37 Bcf. Stocks in the Producing Region were 131 Bcf below the 5-year average of 679 Bcf after a net withdrawal of 7 Bcf. Stocks in the West Region were 67 Bcf above the 5-year average after a net drawdown of 1 Bcf. At 1,467 Bcf, total working gas is within the 5-year historical range.

Dollar index:

The June dollar index lost 1.168 points on volume of 103,451 contracts. Surprisingly, total open interest declined just 527 contracts, which relative to volume is approximately 75% below average, meaning that the very sharp move did little to shake the confidence of dollar index longs. As this report is being compiled on March 19, the June dollar index is trading 76.9 points higher on the day.

10 Year Treasury Note: On March 19, the June 10 year treasury note will generate a short and intermediate term buy signal. This reverses the short-term sell signal of February 10 and the intermediate term sell signal of March 9.

The June 10 year treasury note gained 1-02 points on volume of 1,426,003 contracts. Total open interest increased by 39,520 contracts, which relative to volume is average. As this report is being compiled on March 19, the 10 year note is trading 9.5 points lower on the day.

Coffee:

May coffee gained 1.90 cents on volume of 28,198 contracts. Total open interest increased by massive 3,893 contracts, which relative to volume is approximately 325% above average meaning that huge numbers of new buyers were entering the market and pushing prices to a new high for the move of 1.4150, which is the highest print since 1.4220 made on March 9. As this report is being compiled on March 19, May coffee has made another new high for the move the 1.4675, which is the highest print since 1.5180 made on February 25.

May coffee is getting very close to generating a short-term buy signal. In order for this to occur, the low of the day must the above OIA’s key pivot point for March 19 of 1.4400.Once the buy signal is generated, the market should pull back from 1-3 days and this will be the opportunity to initiate bullish positions. After the pullback, we expect May coffee to quickly rally to its 50 day moving average of 1.5680.