On May 9, most of the major currencies are sharply lower after being sharply higher on May 8. OIA will report on these in the May 9 report to be released Monday.
Soybeans: July soybeans will reverse the short-term sell signal generated on May 7 if the daily low is above OIA's key pivot point of $14.82.
July soybeans advanced 23.25 cents on low volume of 123,721 contracts. Volume was almost the same as May 7 when July soybeans lost 13.25 cents on volume of 123,738 contracts and total open interest declined by 783 contracts. On May 8, total open interest increased by a massive 5,316 contracts, which relative to volume is approximately is 65% above average. The May contract lost 442 of open interest and the November contract gained 4,267 of open interest while advancing 6.75 cents. The large increase of open interest in the November contract was primarily responsible for the total increase of open interest. As this report is being compiled on May 9 after the release of the USDA WASDE report, July soybeans are trading 17.75 cents higher after making a low for the day at 14.53. We will provide an update on the report in the upcoming Weekend Wrap. July soybeans generated a short-term sell signal on May 7, but remains on an intermediate term buy signal. Continue to stand aside.