LIVESTOCK: August live cattle closed up $0.45 at 104.62 

today. Prices closed nearer the session high today. A big

and bullish double-bottom reversal pattern still could be

forming on the daily bar chart. But right now the bears 

still have the overall near-term technical advantage. 

August feeder cattle closed up $0.35 at $146.32 today. 

Prices closed nearer the session high. The feeder cattle 

market bulls and bears are on a level overall near-term 

technical playing field. A bullish double-bottom reversal

pattern has formed on the daily chart. 

July lean hogs closed up $1.57 at $80.97 today. Prices 

closed nearer the session high today. The hog bulls and 

bears are back on a level overall near-term technical 

playing field. 

GRAINS: July corn futures closed up 11 cents at $3.78 

1/4 today. Prices closed near the session high on short 

covering and bargain hunting after hitting a 4.5-monthlow 

on Monday. Today’s gains were impressive, but follow-

through buying this week will be important, to thensuggest 

that a near-term market bottom is in place. 

July soybeans closed up 1/4 cents at $9.54 a busheltoday. 

Prices closed near the session low and hit another10-month 

low today. Bears have the firm overall near-termtechnical 

advantage. However, the market is well overdone on the 

downside, on a technical basis, and due for a decent 

corrective bounce very soon. 

July soybean meal closed up $2.20 at $353.40 today.Prices 

closed near mid-range on short covering after hitting a 

four-month low on Monday. The meal bears still have the 

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

week-old downtrend on the daily bar chart. 

July bean oil closed down 53 points 30.05 cents today. 

Prices closed near the session low and hit a contract low

today. The bears have the solid overall near-termtechnical 

advantage. 

July SRW wheat closed up 20 1/2 cents at $5.35 today. 

Prices closed nearer the session high today and scored a 

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

have the firm overall near-term technical advantage and 

gained fresh power today. Prices are in a choppy, two-

month-old uptrend on the daily bar chart. 

July HRW wheat closed up 18 3/4 cents at $5.53 1/2 today.

Prices closed nearer the session high today. The bullshave 

the firm overall near-term technical advantage. 

SOFTS: July sugar closed steady at 12.35 cents today. 

Prices closed near mid-range today. The sugar bears still

have firm the overall near-term technical advantage. 

July coffee closed up 45 points at 117.55 cents today. 

Prices closed nearer the session high today. The coffee 

bears have the solid overall near-term technicaladvantage. 

A bear flag or bearish pennant pattern may be forming on 

the daily bar chart. 

July cocoa closed up $29 at $2,401 a ton today. Prices 

closed nearer the session high on short covering. Thecocoa 

bears have the overall near-term technical advantage. 

Prices last week hit a three-month low and are in a six-

week-old downtrend on the daily bar chart. 

July cotton closed up 91 points at 95.66 cents today. 

Prices closed nearer the session high and closed at a 

contract high close today. The bulls have the solidoverall 

near-term technical advantage. There are no early clues 

that a market top is close at hand. 

July orange juice closed down 255 points at $1.5445today. 

Prices closed near the session low and hit anothersix-week 

low today. Bulls have lost their slight overall near-term

technical advantage and recent pressure suggests a market

top is in place. 

July lumber futures again closed down the $10.00 limit at

$569.60 today. Recent strong selling pressure suggests a 

major market top is in place. 

METALS: August gold futures closed down $2.30 at 

$1,300.90 today. Prices closed near mid-range. Gold price

action has turned choppy and sideways recently. This has 

negated a price downtrend and suggests a near-term market

bottom is in place. The gold bulls and bears are on alevel 

overall near-term technical playing field. 

July silver futures closed down $0.037 at $16.915 today. 

Prices closed nearer the session high and hit anothersix-

week high today. The silver bulls have the overall near-

term technical advantage. 

July N.Y. copper closed down 45 points at 325.30 cents 

today. Prices closed near mid-range on mild profit taking

after hitting a 4.5-month high late last week. The copper

bulls still have the firm overall near-term technical 

advantage. A bull flag or bullish pennant pattern may be 

forming on the daily bar chart. 

ENERGIES: July Nymex crude oil closed up $0.33 at $66.43 

today. Prices closed nearer the session high today onmore 

short covering. More gains in crude oil prices this week 

would begin to suggest a near-term market bottom is in 

place. 

July heating oil closed up 103 points at $2.1710 today. 

Prices closed nearer the session high today. The bullshave 

the overall near-term technical advantage and areregaining 

some upside momentum. 

July (RBOB) unleaded gasoline closed down 64 points at 

$2.0985 today. Prices closed near mid-range. The bullshave 

the overall near-term technical advantage. 

July natural gas closed down 1.4 cents at $2.935 today. 

Prices closed nearer the session low today. Bulls havethe 

overall near-term technical advantage amid recent choppy 

trading. 

CURRENCIES: The September Euro 

currency closed down 16 points at 1.1859 today. Prices 

closed near mid-range. The bears have the overallnear-term 

technical advantage, but more price gains this week would

hint that a near-term market bottom is in place. 

The September Japanese yen closed down 285 points at.91230 

today. Prices closed nearer the session low and hit atwo-

week low today. Bears have the overall near-termtechnical 

advantage. 

The September Swiss franc closed down 19 points at 1.0220

today. Prices closed nearer the session low today. The 

Swissy bears have the overall near-term technical 

advantage. However recent price action suggests a market 

bottom is in place. Prices are in a fledgling uptrend. 

The September Canadian dollar closed down 20 points at 

.7695 today. Prices closed near the session low today.The 

bears have the firm overall near-term technical advantage.

The September British pound closed up 9 points at 1.3450 

today. Prices closed near mid-range today. The bearsstill 

have the firm overall near-term technical advantage.Prices 

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

The September U.S. dollar index closed up 0.170 at 93.335

today. Prices closed nearer the session high today. The 

bulls still have the overall near-term technicaladvantage. 

September U.S. T-Bonds closed steady at 142 26/32 today. 

Prices closed nearer the session high today. The bond 

market bears have the overall near-term technical 

advantage. 

September U.S. T Notes closed down 2.0 (32nds) at119.12.0 

today. Prices closed near mid-range today. The bears have

the overall near-term technical advantage. 

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

weaker today. The world marketplace took in stride the 

apparent positive conclusion of the summit meeting on 

denuclearization between U.S. President Donald Trump and 

North Korean President Kim Jong Un. World stock markets 

were narrowly mixed after the meeting. U.S. Treasuriesand 

the world currency markets also showed muted reactions to

the summit’s conclusion—probably because traders and 

investors realize there are going to be lots of twistsand 

turns on the road to complete denuclearization of North 

Korea, but still reckon this is a good start. On tap 

earlier today was the U.S. consumer price index (CPI) for

May. CPI came in at up 0.2% from April and up 2.8%, year-

on-year. Those numbers were in line with market 

expectations and had little impact on the markets. 

Attention now turns to the Federal Reserve’s Open Market 

Committee (FOMC) meeting that began today and ends 

Wednesday afternoon with a statement. It is widelyexpected 

the FOMC will raise U.S. interest rates by 0.25% at this 

meeting. Fed Chair Jerome Powell will have a press 

conference following the meeting. The European CentralBank 

also holds its monetary policy meeting on Thursday. No 

change is expected in ECB policy, but the central bank is

still on a path of easy money that is keeping itsinterest 

rates very low, and diverging with those of the U.S. Bythe 

end of the year the spread between key U.S. and Euro zone

interest rates is expected to be around 3.0%. The key 

“outside markets” today find Nymex crude oil prices 

slightly higher and trading right around $66.50 a barrel.

The U.S. dollar index is near steady today.