For Bloomberg access:{OIAR<GO>}

Soybeans:

May soybeans gained 8.25  cents on light volume of 159,142 contracts. Volume declined from the 169,029 contracts traded on March 6 when May soybeans lost 0.50 cents and total open interest increased by 7,781 contracts. On March 9, increased by 2,532 contracts, which relative to volume is approximately 40% below average. The March contract lost 356 of open interest, May -2564.

As this report is being compiled after the release of the WASDE report, May soybeans are trading 6.25 cents lower on the day. On March 6, May soybeans generated a short-term sell signal. At this juncture, we have no recommendation. We would like to see another rally before considering bearish positions.

Soybean meal:

May soybean meal gained $6.40 on volume of 79,703 contracts. Total open interest increased by 2,341 contracts, which relative to volume is approximately 20% above average. The March contract accounted for loss of 442 of open interest. As this report is being compiled after the release of the USDA report, May soybean meal is trading 1.40 lower. On February 19, May soybean yield generated a short-term buy signal, but remains on intermediate term sell signal.We have no recommendation.

Soybean oil: On March 9, May soybean oil generated a short-term sell signal, which reversed the short-term buy signal of March 2. May soybean oil remains on an intermediate term sell signal.

May soybean oil lost 28 points on volume of 73,657 contracts. Total open interest increased by 2865 contracts, which relative to volume is approximately 50% above average meaning that aggressive new short-sellers were entering the market and driving prices to a new low for the move.(30.94). As this report is being compiled on March 10, May soybean oil is trading 24 points lower and has made a new low for the move of 30.65.

Corn:

May corn gained 2.75 cents on volume of 204,357 contracts. Total open interest declined by 3,468 contracts, which relative to volume is approximately 35% below average. The March contract lost 1,111 of open interest, May -7,723. As this is being compiled after the release of the USDA report, May corn is trading 1.25 lower on the day. May corn remains on a short and intermediate term sell signal. We have no recommendation.

Live cattle:

June live cattle lost 95 points on volume of 48,099 contract. Total open interest increased by 1,062 contracts, which relative to volume is approximately 10% below average. The April contract lost 3,758 of open interest. On March 5, June live cattle generated a short-term buy signal, and had its first day of a correction on March 9 and is trading 70 points lower on March 10. Conceivably, there could be one more day of corrective activity, but this should be the extent of the pullback for the most part.We recommend initiating bullish positions on the current pullback.In order for June live cattle to reverse the buy signal, and generate a sell signal, the high of the day must be below OIA’s key pivot point for March 10 of 1.42920.

Cotton: It appears likely that May cotton will generate a short-term sell signal possibly tomorrow.

WTI crude oil:

April WTI crude oil gained 39  cents on volume of 922,761 contracts. Total open interest declined just 1,264 contracts. However, the April contract lost 51,074 of open interest and there were sufficient open interest increases in the forward months to offset most of this decline. As this report is being compiled on March 10, April WTI is trading 1.55 lower has made a daily low of 48.30. In order for April WTI to generate a short-term sell signal, the high of the day must be below OIA’s key pivot point for March 10 of 49.48. Stand aside.

Brent crude oil:

May Brent crude oil lost $1.10 on volume of 731,897 contracts. Total open interest increased by 1,968 contracts. The April contract accounted for a loss of 29,898, which makes the total open interest increase more impressive (bearish). March 9 was the fourth day in a row in which prices declined and total open interest increased. The recent price and open interest action in Brent has been far more bearish than WTI.

As this report is being compiled on March 10, May Brent is trading 2.06 lower whereas WTI is trading down 1.43. In order for May Brent to generate a short term sell signal, the high of the day must be below OIA’s key pivot point for March 10 of 59.03. The daily high thus far has been 59.26, therefore, despite Brent crude being down sharply, a short term sell signal will not be generated.

10 Year Treasury Note: On March 9, the June 10 year treasury note generated an intermediate term sell signal after generating a short term sell signal on February 10.

The 10 year treasury note gained 11.5 points on light volume of 1,048,187 contracts. Total open interest increased 9,597 contracts, which relative to volume is approximately 55% below average. As this report is being compiled on March 10, the 10 year note is trading 14 points higher. We have no recommendation.

Cocoa:

May cocoa lost $11.00 on volume of 19,680 contracts. Total open interest declined by 692 contracts, which relative to volume is approximately 40% above average meaning that liquidation was extremely heavy on the modest decline. The March contract lost 49 of open interest. For the past two days, May cocoa has lost $62.00 and total open interest has declined by 2,983 contracts. This is healthy open interest action relative to the price decline. As this report is being compiled on March 10, May cocoa is trading $8.00 lower and has made a daily low of 2902, which is slightly above the 50 day moving average of 2896. In order for May cocoa to generate a short-term sell signal, the high of the day must be below OIA’s key pivot point for March 10 2900. At this juncture we have no recommendation.

Coffee:

May coffee lost 2.90 cents on volume of 27,081 contracts. Total open interest increased by a massive 2,334 contracts, which relative to volume is approximately 240% above average meaning aggressive new short-sellers were entering the market in large numbers and driving prices lower. The market continues to attract new short-sellers on price declines, and eventually these traders will provide fuel for the upside move when fundamentals improve. May coffee remains on a short and intermediate term sell signal. Stand aside.