Soybeans:

November soybeans advanced 3.25 cents on light volume of 115,490 contracts. Total open interest declined by 5,403 contracts, which relative to volume is approximately 75% above average, meaning that liquidation was extremely heavy on the very modest advance. Export sales for soybeans came in at 478.08 thousand tons. Soybeans remain on a short and intermediate term buy signal.

Soybean meal:

December soybean meal advanced $2.80 on volume of 51,189 contracts. Total open interest increased by 500 contracts, which relative to volume is approximately 50% below average. Soybean meal sales for the most recent week totaled 16.98  thousand tons. Soybean meal remains on a short and intermediate term buy signal.

Corn:

December corn advanced 3.50 cents on volume of 172,750 contracts. Total open interest declined by 8,027 contracts, which relative to volume is approximately 75% above average meaning that liquidation was extremely heavy. Export sales totaled 332 thousand tons. Corn remains on a short and intermediate term sell signal

Wheat:

December Chicago wheat advanced 1.50 cents and December Kansas City wheat was unchanged. Total volume in Chicago wheat was 61,339 contracts, and open interest increased by 788 contracts, which relative to volume is approximately 45% less than average. Export sales for wheat totaled 543.9 thousand tons. Both Chicago and Kansas City wheat remain on a short and intermediate term sell signal.

Cotton:

December cotton declined 12 points on volume of 13,202 contracts. Total open interest increased by 490 contracts, which relative to volume is approximately 40% above average. Cotton remains on a short and intermediate term sell signal.

Live cattle:

October live cattle gained 2 1/2 points on heavy volume of 61,703 contracts. Total open interest increased by 851 contracts, which relative to volume is approximately 40% below average. On September 10, October cattle generated a short-term sell signal, and it looks likely that an intermediate term sell signal will be generated on September 12 or 13.

Crude oil:

October crude oil advanced 17 cents on volume of 535,263 contracts. Total open interest increased by 15,386 contracts, which relative to volume is average. Crude oil remains on a short and intermediate term buy signal.

Natural gas:

October natural gas lost 1.7 cents on volume of 287,326 contracts. Total open interest declined by 756 contracts, which relative to volume is approximately 85% below average. Natural gas remains on a short-term buy signal, but an intermediate term sell signal.

Gold:

December gold lost 20 cents on light volume of 108,628 contracts. Total open interest declined by 1,800 contracts, which relative to volume is approximately 35% below average. As this report is being compiled on September 12, gold has plunged sharply and has made a new low at $1322.50. It is likely that gold will generate a short-term sell signal on September 12.

Silver:

December silver advanced 15.6 cents on light volume of 37,293 contracts. Total open interest declined by 442 contracts, which relative to volume is approximately 45% below average. Like gold, silver has plunged to make a new low for the move at $21.89. It does not appear that silver will generate a short-term sell signal on September 12.

Euro:

The September euro advanced 42 points on volume of 329,886 contracts. Total open interest increased by a healthy 8,620 contracts, which relative to volume is average. The euro remains on a short and intermediate term buy signal.

Australian dollar:

The September Australian dollar advanced 22 points on heavy volume of 146,169 contracts. Total open interest declined by 1,085 contracts, which relative to volume is approximately 65% less than average. The Australian dollar remains on a short-term buy signal, but an intermediate term sell signal.

S&P 500 E mini:

The S&P 500 E mini advanced 6.25 points on heavy volume of 2,156,372 contracts. Total open interest increased by 46,003 contracts, which relative to volume is approximately 20% below average. For the past several days, price, volume and open interest have been acting in a very healthy manner. Despite this, we think it is important for clients to have downside protection because of the potential volatility during the next couple of months.