LIVESTOCK: June live cattle closed up $0.17 at 105.10 

today. Prices closed nearer the session high. The cattle 

market bears still have the overall near-term technical 

advantage. 

August feeder cattle closed up $0.40 at $140.90 today. 

Prices closed nearer the session high on more short 

covering. The cattle market bears still have the overall 

near-term technical advantage. 

June lean hogs closed down $0.62 at $73.37 today. Prices 

closed nearer the session high today. The hog bears have 

the firm overall near-term technical advantage and have 

downside momentum. 

GRAINS: July corn futures closed up 1 1/4 cents at $4.04 

today. Prices closed near mid-range today. The corn bulls

have the overall near-term technical advantage, amid a 

choppy price uptrend in place on the daily bar chart. 

July soybeans closed up 4 3/4 cents at $10.30 a bushel 

today. Prices closed nearer the session high, on moreshort 

covering and bargain hunting amid an easing of the U.S.-

China trade dispute. Bulls and bears are on a leveloverall 

near-term technical playing field, but the bulls have 

momentum on their side. 

July soybean meal closed down $1.10 at $378.00 today. 

Prices closed near mid-range today. The meal bulls havethe 

overall near-term technical advantage. However, priceshave 

been trending lower for three weeks. 

July bean oil closed up 4 points 31.46 cents today.Prices 

closed near the session low today after hitting afive-week 

high early on. The bears still have the overall near-term

technical advantage. 

July SRW wheat closed up 14 cents at $5.21 1/4 today. 

Prices closed nearer the session high today and scored a 

bullish “outside day” up on the daily bar chart. Thebulls 

have the overall near-term technical advantage and gained

fresh upside momentum today. 

July HRW wheat closed up 14 cents at $5.40 1/2 today. 

Prices closed nearer the session high today and scored a 

bullish “outside day” up on the daily bar chart. Thebulls 

have the overall near-term technical advantage and gained

fresh upside momentum today. 

July sugar closed up 5 points at 12.15 cents 

today. Prices closed near mid-range and hit a five-week 

high today. The sugar bears still have the overall near-

term technical advantage. However, a four-month-old 

downtrend on the daily bar chart has been negated and a 

fledgling uptrend is in place, to suggest a market bottom

is in place, too. 

July coffee closed up 65 points at 120.85 cents today. 

Prices closed nearer the session high on more short 

covering in a bear market. The coffee bears still havethe 

firm overall near-term technical advantage. 

July cocoa closed down $14 at $2,601 a ton today. Prices 

closed nearer the session low and hit another five-weeklow 

today. The cocoa bulls still have the overall near-term 

technical advantage. However, prices have been trending 

lower for three weeks and the recent downside breakout 

suggests a market top is in place. 

July cotton closed down 144 points at 86.98 cents today. 

Prices closed nearer the session low and scored a bearish

“outside day” down on the daily bar chart, after scoringa 

new contract high early on. Today’s price action produceda 

bearish “key reversal” down on the daily bar chart, which

is a chart clue that a market top is in now in place. 

However, a bearish key reversal also occurred in early 

March, and prices went on to move to new highs. Right now

the cotton bulls still have the solid overall near-term 

technical advantage. 

July orange juice closed up 205 points at $1.6950 today. 

Prices closed near the session high. Bulls have the solid

overall near-term technical advantage. Prices are in a 

steep, seven-week-old uptrend on the daily bar chart. 

July lumber futures again closed down the expanded $15.00

limit at $594.00 today. Prices last Friday hit another 

contract and record high but then reversed course toscore 

a big and bearish “key reversal” down on the daily chart,

to suggest a major market top is finally in place. 

METALS: June gold futures closed down $2.50 at $1,293.50 

today. Prices closed nearer the session high and sawshort 

covering after hitting a six-month low on Monday. Prices 

are still in a two-month-old downtrend on the daily bar 

chart. The gold bears have the overall near-termtechnical 

advantage. 

July silver futures closed up $0.085 at $16.605 today. 

Prices closed near mid-range today on more shortcovering. 

The silver bears have the overall near-term technical 

advantage. 

July N.Y. copper closed up 310 points at 312.95 cents 

today. Prices closed nearer the session high and hit a 

three-week high today. The copper bulls have gained the 

slight overall near-term technical advantage. 

ENERGIES: July Nymex crude oil closed down $0.02 at 

$72.32 today. Prices closed near the session low and hita 

3.5-year high today. The bulls have the solid overallnear-

term technical advantage. There are still no early 

technical clues that a market top is close at hand. 

July heating oil closed up 1 point at $2.2698 today.Prices 

closed near the session low. Prices last week hit a 

contract high. The bulls have the solid overall near-term

technical advantage. 

July (RBOB) unleaded gasoline closed up 27 points at 

$2.2551 today. Prices closed near the session low today 

after hitting a contract high early on. The bulls havethe 

solid overall near-term technical advantage. 

July natural gas closed up 7.5 cents at $2.925 today. 

Prices closed near the session high and hit a 3.5-month 

high today. Bulls have the overall near-term technical 

advantage and gained fresh power today. 

CURRENCIES: The June Euro currency 

closed up 5 points at 1.1800 today. Prices closed nearer 

the session low. Prices Monday hit a six-month low. The 

bears have the firm overall near-term technicaladvantage. 

Prices are in a six-week-old downtrend on the daily bar 

chart. 

The June Japanese yen closed up 100 points at .90255today. 

Prices closed near mid-range. Prices Monday hit a4.5-month 

low. Bears have the firm overall near-term technical 

advantage. Prices are in a seven-week-old downtrend onthe 

daily bar chart. 

The June Swiss franc closed up 38 points at 1.0083 today.

Prices closed nearer the session high and hit a two-week 

high today. The Swissy bears still have the firm overall 

near-term technical advantage. 

The June Canadian dollar closed down 2 points at .7809 

today. Prices closed nearer the session low today. The 

bears have the overall near-term technical advantage. 

The June British pound closed up 10 points at 1.3440today. 

Prices closed nearer the session low. Prices Monday hit a

six-month low. The bears have the firm overall near-term 

technical advantage. Prices are in a five-week-old 

downtrend on the daily bar chart. 

The June U.S. dollar index closed down 0.026 at 93.560 

today. Prices closed nearer the session high. PricesMonday 

hit a six-month high. The bulls have the firm overallnear-

term technical advantage. Prices are in a steepfour-week-

old uptrend on the daily bar chart. 

June U.S. T-Bonds closed down 3/32 at 141 6/32 today. 

Prices closed nearer the session low today. Prices last 

Friday hit a contract low. The bond market bears have the

solid overall near-term technical advantage. 

June U.S. T Notes closed down 1.0 (32nds) at 118.26.0 

today. Prices closed near mid-range. Prices last week hita 

contract low. The bears have the solid overall near-term 

technical advantage. 

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

weaker today on mild profit taking. World stock markets 

were mixed overnight, with Asian stocks down and European

stock indexes modestly up. Little risk aversion in the 

marketplace recently is driving many world stock indexesto 

multi-month highs. The apparent easing of U.S.-Chinatrade 

tensions has traders and investors in upbeat moods early 

this week. The key “outside markets” today saw Nymexcrude 

oil prices weaker but hitting a new 3.5-year high of$72.90 

a barrel. Brent crude is near $80.00 a barrel as the U.S.

is set to once again sanction Iran, which would likely 

reduce that country’s oil sales on the world market. The 

up-trending crude oil market is one bullish underlying 

element for the metals markets. Meantime, the U.S. dollar

index was slightly lower on a mild corrective pullbackfrom 

recent good gains that saw prices hit a six-month high on

Monday. The U.S. data-point highlight of the week will be

Wednesday afternoon’s release of the FOMC minutes fromthe 

last meeting.