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Soybeans:

January soybeans lost 11.00 cents on volume of 219,078 contracts. Total open interest increased by 2,091 contracts, which relative to volume is approximately 50% below average. The November contract lost 1,897 of open interest. As this report is being compiled on November 11, January soybeans are trading 28.50 cents higher and is trading at the highs of the day,  and has taken  out yesterday’s high of 10.58. January soybeans remain on a short-term buy signal, but an intermediate term sell signal. We have no recommendation.

Soybean meal:

December soybean meal lost $9.50 on volume of 101,852 contracts. Total open interest increased by 3,388 contracts, which relative to volume is approximately 25% above average meaning that new short sellers were entering the market and driving prices lower (380.00). The December contract accounted for loss of 2,561 of open interest. As this report is being compiled on November 11, December soybean meal is trading $12.20 higher and has made a high of 399.40, which is above yesterday’s high of 398.60. December soybean meal remains on a short and intermediate term buy signal. We have no recommendation.

Corn:

December corn advanced 1.75 cents on huge volume of 562,128 contracts. Volume was the strongest since August 12 when 561,340 contracts were traded and December corn closed at 3.69. On November 10, total open interest increased by 7290 contracts, which relative to volume is approximately 45% less than average. The December contract accounted for loss of 30,399 of open interest. As this report is being compiled on November 11, December corn is trading 1.50 cents higher on the day. December corn remains on a short and intermediate term buy signal. We have no recommendation.

Chicago wheat:

December Chicago wheat advanced 2.75 cents on very heavy volume of 171,880 contracts. Volume was the strongest since August 12 when 201,470 contracts were traded and December Chicago wheat closed at 5.45 1/2. On November 10, total open interest declined by 10,651 contracts, which relative to volume is approximately 140% above average meaning that liquidation was extremely heavy on the modest advance The December contract accounted for loss 21,177 of open interest. As this report is being compiled on November 11, December Chicago wheat is trading 0.25 cents higher on the day. December Chicago wheat remains on a short-term buy signal and an intermediate term sell signal. If clients hold bearish positions in place, maintain these positions.

WTI crude oil:

December WTI crude oil lost $1.25 on volume of 610,936 contracts. Total open interest increased by 1,607 contracts, which is minuscule and dramatically below average. The December contract accounted for loss of 11,422 of open interest. As this report is being compiled on November 11, December WTI is trading 11 cents lower and has made a daily low of 76.42, which is the lowest print since 76.46 made on November 5. The contract low for December is 75.84. December WTI remains on a short and intermediate term sell signal. Stand aside.

Natural gas:

December natural gas lost 15.7 cents on surprisingly light volume of 427,311 contracts. Volume was the lightest since November 3 when December natural gas advanced 17.3 cents on volume of 387,968 contracts and total open interest increased by 17,303 contracts. On November 10, total open interest declined only 1,073 contracts, which is minuscule and dramatically below average. The December contract accounted for loss of 11,445. It is apparent that market participants who entered long positions during the past week refused to liquidate on November 10 and the volume and open interest stats confirm this. As this report is being compiled on November 11, December natural gas is trading 2.4 cents lower and has made a low of 4.121, which is the lowest print since November 6 (4.111).December natural gas remains on a short and intermediate term buy signal.

Gold:

December gold lost $10.00 on fairly heavier than normal volume of 233,196 contracts.Total open interest increased by 9,569 contracts, which relative to volume is approximately 55% above average meaning that new short sellers were entering the market and driving prices lower (1146.70). The open interest action on November 10 was nearly as negative as it was positive on November 7 when gold advanced 27.20 and total open interest increased by 16,366 contracts. It is apparent that both buyers and sellers had very strong ideas about the direction of gold and this is reflected in open interest increases on declines and open interest increases on advances. As this report is being compiled on November 11, December gold is trading 1.50 higher and has made a daily low 1145.50. December gold remains on a short and intermediate term sell signal. Stand aside.

Coffee:

December coffee lost 1.00 cent on very heavy volume of 48,697 contracts.Volume was the strongest since June 12 when 53,278 contracts were traded and December coffee closed at 1.7810. On November 10, total open interest declined by 2905 contracts, which relative to volume is approximately 135% above average meaning that liquidation was extremely heavy on the modest decline. The reason for the heavy open interest decline was due to the December contract losing 6,593 of open interest as it approaches 1st notice day. December coffee remains on a short and intermediate term sell signal. We have no recommendation at this juncture.