Ken's Afternoon Report
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Started by jimwyckoff - May 10, 2018, 3:15 p.m.

LIVESTOCK: June live cattle closed up $2.07 at 107.75 

today. Prices closed nearer the session high and hit asix-

week high today. The cattle market bulls and bears arenow 

on a level overall near-term technical playing field. 

However, prices have been trending higher for five weeks,

which hints that a market bottom is in place. 

 

May feeder cattle closed up $1.60 at $138.75 today.Prices 

closed nearer the session high and scored a bullish 

“outside day” up on the daily bar chart today. The cattle

market bears still have the overall near-term technical 

advantage. 

 

June lean hogs closed up $0.75 at $77.35 today. Prices 

closed near the session high and hit a three-week high 

today. The bears still have the overall near-termtechnical 

advantage but the bulls have gained upside momentum this 

week. 

 

GRAINS: July corn futures closed down 3/4 cent at $4.02 

1/2 today. Prices closed nearer the session low today. 

Traders are awaiting Thursday morning’s monthly USDAsupply 

and demand report. The corn bulls have the overall near-

term technical advantage. 

 

July soybeans closed up 3 3/4 cents at $10.19 1/2 abushel 

today. Prices closed nearer the session low. Bulls and 

bears are on a level overall near-term technical playing 

field. However, prices are in a three-week-old downtrendon 

the daily bar chart. 

 

July soybean meal closed up $0.30 at $386.10 today.Prices 

closed nearer the session low today. The meal bulls have 

the firm overall near-term technical advantage. 

 

July bean oil closed up 7 points 31.10 cents today.Prices 

closed near the session high. The bears still have thefirm 

overall near-term technical advantage. 

 

July SRW wheat closed down 4 3/4 cents at $5.05 3/4today. 

Prices closed near mid-range. The bulls still have the 

slight overall near-term technical advantage. However,the 

bulls appear to have run out of gas, at least for thenear 

term. 

 

July HRW wheat closed down 5 cents at $5.26 1/2 today. 

Prices closed near mid-range. The bulls still have the 

slight overall near-term technical advantage, but now 

appear to have run out of gas. 

 

SOFTS: July sugar closed down 2 points at 11.27 cents 

today. Prices closed nearer the session high. The sugar 

bears have the solid overall near-term technicaladvantage. 

Prices are in a four-month-old downtrend on the daily bar

chart. 

 

July coffee closed up 40 points at 119.15 cents today. 

Prices closed near mid-range and hit a two-week low early

on today. The coffee bears have the solid overallnear-term 

technical advantage. 

 

July cocoa closed up $14 at $2,764 a ton today. Prices 

closed nearer the session high. The cocoa bulls have the 

firm overall near-term technical advantage. 

 

July cotton closed down 160 points at 84.28 cents today. 

Prices closed near the session low today and scored a 

bearish “outside day” down on the daily bar chart. The 

cotton bulls still have the firm overall near-term 

technical advantage but did fade a bit today. 

 

July orange juice closed up 125 points at $1.6790 today. 

Prices closed near mid-range today and hit a 16-monthhigh. 

Bulls have the solid overall near-term technicaladvantage. 

 

July lumber futures closed up $1.10 at $592.30 today. 

Prices closed near mid-range today. The bulls have the 

strong overall near-term technical advantage. There areno 

early chart clues that a near-term market top is close at

hand. 

 

METALS: June gold futures closed up $6.80 at $1,319.80 

today. Prices closed nearer the session high. The gold 

bulls and bears are on a level overall near-termtechnical 

playing field. A close below major psychological supportat 

$1,300.00 would open the door to a larger leg down in 

prices in the near term. However, right now it appearsthat 

strong support level will hold. A bullish weekly highclose 

on Friday would give the bulls upside momentum to suggesta 

near-term market bottom is in place. 

 

July silver futures closed up $0.201 at $16.74 today. 

Prices closed near the session high and hit a three-week 

high today. The silver bears still have the slightoverall 

near-term technical advantage, but the bulls gained some 

upside momentum today, to suggest a near-term marketbottom 

is in place. 

 

July N.Y. copper closed up 480 points at 310.55 cents 

today. Prices closed nearer the session high today. The 

copper bulls have regained the slight overall near-term 

technical advantage. 

 

ENERGIES: June Nymex crude oil closed down $0.23 at 

$70.92 today. Prices closed nearer the session low on 

profit taking after hitting another contract and 3.5-year

high early on today. The bulls have the solid overallnear-

term technical advantage. There are no early technical 

clues that a market top is close at hand. 

 

June heating oil closed down 107 points at $2.7073 today.

Prices closed nearer the session low today on profittaking 

after hitting a contract high early on today. The bulls 

have the solid overall near-term technical advantage. 

 

June (RBOB) unleaded gasoline closed up 73 points at 

$2.1746 today. Prices closed near the session high andhit 

a contract high today. The bulls have the solid overall 

near-term technical advantage. 

 

June natural gas closed up 7.0 cents at $2.807 today. 

Prices closed near the session high and scored a bullish 

“outside day” up on the daily bar chart today. Bulls and 

bears are still on a level overall near-term technical 

playing field amid recent choppy trading. 

 

CURRENCIES: The June Euro currency 

closed up 66 points at 1.1960 today. Prices closed nearer

the session high on short covering after hitting a 4.5-

month low on Wednesday. The bears still have the firm 

overall near-term technical advantage. Prices are in asix-

week-old downtrend on the daily bar chart. 

 

The June Japanese yen closed up 235 points at .91615today. 

Prices closed nearer the session high. Bears have the 

overall near-term technical advantage. Prices are in asix-

week-old downtrend on the daily bar chart. 

 

The June Swiss franc closed up 23 points at 1.0004 today.

Prices closed near mid-range today and saw short covering

after hitting a contract low early on. The Swissy bears 

still have the solid overall near-term technicaladvantage. 

A 2.5-month-old downtrend is in place on the daily bar 

chart. 

 

The June Canadian dollar closed up 45 points at .7837 

today. Prices closed nearer the session high and hit a 

three-week high on short covering. Prices also saw a 

bullish upside “breakout” on the daily bar chart. 

 

The June British pound closed down 41 points at 1.3537 

today. Prices closed near mid-range and hit a four-month 

low today. The bears have the overall near-term technical

advantage. Prices are in a steep three-week-old downtrend

on the daily bar chart. 

 

The June U.S. dollar index closed down 0.339 at 92.540 

today. Prices closed nearer the session low on profit 

taking after hitting a 4.5-month high on Wednesday. The 

bulls still have the firm overall near-term technical 

advantage. 

 

June U.S. T-Bonds closed up 14/32 at 143 3/32 today.Prices 

closed nearer the session high on short covering in abear 

market. The bond market bears still have the firm overall

near-term technical advantage. 

 

June U.S. T Notes closed up 5.5 (32nds) at 119.14.0today. 

Prices closed near mid-range. Short covering wasfeatured. 

The bears still have the solid overall near-termtechnical 

advantage.

 

GENERAL STOCK MARKET COMMENT: U.S. stock indexes closed 

higher again today. The bulls have gained some upside 

momentum this week. The U.S. economic highlight today saw

the consumer price index for April come in at up 0.2%, 

month-on-month and up 2.5%, year-on-year. The numberswere 

expected to come in up 0.3% from March, and up 2.5% at an

annual rate. The “core” CPI rate, excluding food and 

energy, was up just 0.1% in April from March, and up2.1%, 

year-on-year. The core rate rose 0.2% in the Marchreport. 

There are now ideas the Federal Reserve may not have tobe 

so aggressive on raising U.S. interest rates, what withlow 

inflationary expectations. The overall marketplace is not

seeing a significant reaction from renewed Syria-Israeli 

military action, as both sides conducted air strikes 

against the other the past 24 hours. The military actionis 

being called the heaviest between the two countries in 

decades. It appears the Middle East has once again becomea 

geopolitical flashpoint for the markets. The U.S. stock 

market bulls are regaining upside momentum, as equity 

traders and investors don’t see much risk aversion in the

marketplace. That could change in a hurry given recent 

developments in the Middle East. The conclusion of theBank 

of England’s regular monetary policy meeting today saw no

change in U.K. interest rates, which was expected by the 

marketplace. The “outside markets” today find Nymex crude

oil prices modestly weaker on profit taking after hittinga 

new 3.5-year high overnight, and trading as high as$71.89 

a barrel. The U.S. dollar index is lower at midday on 

profit taking after hitting a 4.5-month high Wednesday. 

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