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Soybeans:

May soybeans gained 0.50 cents on volume of 162,443 contract. Total open interest increased by 3,250 contracts, which relative to volume is approximately 20% below average. The May contract lost 3,186 of open interest. As this report is being compiled after the release of the USDA report May soybeans are trading 1.00 cent higher and have made a daily high 9.81 and a new low for the move of 9.51 1/4. Although we have not examined the results of the USDA report, the strength was supposed to be in corn, not soybeans. May soybeans remain on the short and intermediate term sell signal. Stand aside.

Soybean meal:

May soybean meal gained $1.80 on volume of 79,524 contracts. Total open interest increased by 820 contracts, which relative to volume is approximately 50% below average.The May contract accounted for loss of 1,695 open interest, which makes the total open interest increase more impressive (bullish). May soybean meal is trading 1.08% higher versus soybeans +0.67%. May soybean meal remain on a short and intermediate term sell signal.

Corn:

May corn gained 3.50 cents on volume of 312,490 contracts. Total open interest increased 324 contracts. The May contract lost 12,295 open interest. As this report is being compiled after the release of the USDA report, May corn is trading 13.75 cents lower and trading on the lows of the day. May corn remains on a short and intermediate term sell signal.

Chicago wheat:

May Chicago wheat gained 22.50 cents on volume of 140,682 contracts. Total open interest declined by a massive 10,667 contracts, which relative to volume is approximately 210% above average meaning liquidation was extremely heavy on the sizable advance. The May contract lost 12,098 of open interest, which indicates there was little new buying on the rally. As this report is being compiled after the release of the USDA report, May Chicago wheat is trading 19.25 cents lower. May Chicago wheat remains on a short term buy signal, but an intermediate term sell signal.

Kansas City wheat:

May Kansas City wheat gained 23.25 cents on volume of 31,132 contracts. Total open interest declined by massive 1,450 contracts, which relative to volume is approximately 75% above average. The May contract lost 1542 of open interest, which means there was little new buying on the advance. As this report is being compiled after the release of the USDA report, May Kansas City wheat is trading 13.75 cents lower.

WTI crude oil:

May WTI crude oil lost 19 cents on volume of 583,742 contracts. Total open interest increased by 162 contracts. The May contract lost 3,151 of open interest. As this report is being compiled on March 31, May WTI is trading 83 cents lower and has made a daily low of 47.28, which is the lowest print since 47.00 made on March 25. There has been considerable talk of a deal with Iran, and this is a factor that is likely affecting WTI and Brent on March 31. Both WTI and Brent crude oil remained on a short and intermediate term sell signal. Stand aside.

Gold: This will be our final report for gold until we report a signal change or see a trading opportunity. 

June gold lost $14.50 on volume of 176,995 contracts. Total open interest declined by 4,773 contracts, which relative to volume is average. The April contract lost 13,597 of open interest. As this report is being compiled on March 31, June gold is trading 1.20 lower and has made a daily low of 1178.20, which is the lowest print since 1178.60 made on March 23. June gold remains on a short and intermediate term sell signal. Stand aside.

Silver:

May silver lost 39.5 cents on volume of 35,865 contracts. Total open interest declined by 441 contracts, which relative to volume is approximately 40% below average. This is the eighth day in a row in which total open interest declined. Remarkably, May silver remains on a short and intermediate term buy signal. An intermediate term sell signal will be generated if the daily high is below OIA’s key pivot point for March 31 of 16.422. A short-term sell signal will be generated if the daily high is below OIA’s key pivot point or March 31 of 16.115. Stand aside. 

Coffee:

May coffee lost 5.85 cents on volume 31,044 contracts. Total open interest increased by a very strong 1,890 contracts, which relative to volume is approximately 140% above average meaning that aggressive new short-sellers were entering the market in heavy numbers and driving prices lower. The September 2015 contract lost 288 of open interest, December 2016 -139. As this report is being compiled on March 31, May coffee is trading 1.25 cents higher on the day. May coffee remains on a short and intermediate term sell signal. Stand aside.

S&P 500 E mini:

The June S&P 500 E mini gained 23.00 points on volume of 1,237,568 contracts. Interestingly, volume increased only 76,678 contracts from March 27 when the E mini gained 4.00 points and total open interest increased by 1,660 contracts. The range on March 27 was just 16.75 points while on March 30 the E mini traded in a range of 34.50 points. In short, volume was indicating a lack of enthusiasm by market participants on March 30. Also, on March 30, total open interest declined by 8,040 contracts, which is 65% below average, but an open interest decline on a price advance of the magnitude seen on March 30 is bearish.

On March 26, the June E mini generated a short-term sell signal, and for this to reverse, the low of the day must be above OIA’s key pivot point for March 31 of 2085.20.