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Soybeans:

August soybeans closed 11.50 cents lower on total volume of 252,406 contracts. Total open interest declined by 2,094 contracts and open interest in the July contract declined by 10,571 on volume of 43,300 contracts. The decline of open interest along with price was positive. All eyes will be on the USDA acreage and quarterly stocks report to be released on Friday, June 29. Readers should be consulting with their investment advisor or broker regarding taking full or partial profits on long positions. Do not enter new positions for the grains and oilseed complex prior to the report.

Soybean meal:

August soybean meal closed $5.90 lower on volume of 89,832 contracts. Total open interest declined by 3,440 contracts and open interest in the July contract declined by 3,275 on volume of 16,698 contracts. The decline of open interest along with price is positive. Both the July and August contract were not able to close above $434.00. For the July contract, this is the eighth time since May 2 that soybean meal has penetrated the $434 level and has not been able to close above it. Readers should be consulting with their investment advisor or broker regarding taking full or partial profits on long positions. Do not enter new positions in soybean meal prior to the June 29 USDA report.

Corn:

September corn closed 28.25 cents higher on huge volume of 562,607 contracts. Total open interest declined by 15,996 contracts and open interest in the July contract declined by 30,737 on volume of 115,942 contracts. In the past three trading sessions, corn has advanced 72.75 cents, yet total open interest has declined by 47,131 contracts, which is bearish. The fact of the matter is the market has advanced in spectacular fashion, but new buyers and sellers are not entering the market. Instead, old longs and shorts are liquidating as the market moves higher. Remember, open interest declines when there is agreement on the part of longs and shorts. Undoubtedly, there were speculative longs that had purchased corn at much higher levels and have been bailed out by unfavorable weather in the corn belt. On June 26, corn generated in intermediate term buy signal. However, do not enter long or short positions.

Wheat:

September wheat closed 6 cents higher on heavy volume of 151,420 contracts. Open interest increased by 313 contracts and open interest in the July contract declined by 7,226 on volume of 25,185 contracts. The last time open interest increased in wheat was on June 15 when total open interest increased by 209 contracts, and the September contract closed at $6.26 3/4. On June 26, the September contract closed at $7.47. From June 18 through June 25, total open interest declined by 24,101 contracts. June 26 was the first day that wheat was beginning to attract enough new buyers and sellers to overcome the open interest decline in the July contract. The market remains on a short and intermediate term buy signal, however speculators should stand aside in this market.

Crude oil:

August crude oil gained 15 cents on light volume of 454,088 contracts. Total open interest increased by 7895 contracts. Stand aside.

Gasoline:

August gasoline gained 2.47 cents on volume of 152,231 contracts. Total open interest declined by 13,301 contracts. During the past two trading sessions gasoline has advanced by 5.53 cents and open interest has declined by 19,965 contracts. This is very bearish open interest action in relation to the price advance. Stand aside.

Copper:

July copper closed fractionally lower on volume of 85,658 contracts. Open interest declined by 3,268 contracts. Stand aside.

Gold:

August gold closed $13.50 lower on very light volume of 110,485 contracts. Total open interest declined by 2,080 contracts. The market remains on a short and intermediate term sell signal. Consult your investment advisor or broker regarding acquiring gold at lower prices for the long-term.

Silver:

July silver closed 48.2 cents lower on heavy volume of 93,614 contracts. Total open interest declined by 3,564 contracts, and in relation to volume, the open interest declined was significant. It is interesting to compare the price and open interest action of June 25 and 26. On the 25th, July silver advanced by 85.9 cents and open interest increased by only 1,329 contracts on huge volume of 126,413 contracts. The small increase in open interest indicated there was a lack of commitment on the part of market participants as silver moved higher. However on the 26th, silver declined by a smaller percentage than the advance on the 25th, yet the decline of open interest was substantial in relation to volume. Obviously there is muted enthusiasm on the upside and speculators are quick to liquidate on any downside action. The market remains on a short and intermediate term sell signal. Stand aside.

Euro: 

The September Euro was unchanged on volume of 273,707 contracts. Total open interest increased by 1684 contracts. Stand aside.

S&P 500 E mini: 

The September S&P 500 E mini closed 9.00 points higher on volume of 1,812,050 contracts. Open interest increased by 15,447 contracts which in relation to volume is a very small increase, and indicates a lack of enthusiasm by market participants. On June 22, we saw the same lack of enthusiasm when the E mini closed 8.50 points higher on volume of 1,860,749 and open interest increased by a meager 3,184 contracts. Again, on June 19, the S&P 500 E mini closed 9.50 points higher on volume of 1,773,122 contracts, but open interest increased  only 6,199 contracts. On June 25, the S&P 500 cash index generated in intermediate term sell signal. The market continues to act in a lackluster fashion with little enthusiasm on the upside. Please consult with your investment advisor or broker about the maintenance of long put protection.