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Soybeans:

March soybeans lost 7.25 cents on volume of 197,983 contracts. Total open interest increased by 9,381 contracts, which relative the volume is approximately 75% above average. The March 2015 to August 2015 contracts all gained open interest, which means that selling was heavy across the board. On Friday, March soybeans made a new low for the move at 9.55, however this has not been broken on February 2. On January 2, March soybeans generated a short-term sell signal and had been on an intermediate-term sell signal. Additionally, for the first time in a few months, managed money became net short in soybeans.Rallies should be sold and March soybeans are headed for the contract low of 9.20 3/4 made on October 1.

Soybean Meal:

March soybean meal lost $8.00 on volume of 96,449 contracts. Total open interest declined by 2,399 contracts, which relative to volume is average. The March contract lost 5,031 of open interest, and there were insufficient numbers of short sellers to turn the total open interest number to an increase. As of the latest COT report, managed money is long soybean meal by a ratio of 2.22:1, which means there is plenty of fuel the fund the continued downside move. As this report is being compiled on February 2, March soybean meal is trading $1.90 lower and has made a daily low of 327.50, which takes out Friday’s low of 328.00. In the January 5 report, OIA recommended the initiation of bearish positions and we recommend that clients continue to hold them. Make sure that protective buy stops are in place.

Corn:

March corn lost 1.50 cents on heavier than normal volume of 376,777 contracts. Volume exceeded that of January 29 when March corn lost 1.75 cents on volume of 363,513 contracts and total open interest increased by 12,320 contracts.On January 30, total open interest increased by a massive 20,124 contracts, which relative the volume is approximately 100% above average meaning a battle ensued between buyers and sellers and sellers were able to edge the market lower. The March contract accounted for loss of 3,830 of open interest, which makes the total open interest increase more impressive (bearish). For the past three sessions beginning on January 28, March corn has lost 11.25 cents while total open interest has increased by a massive 48,666 contracts. This is bearish open interest action relative to the three-day decline. On January 14, March corn generated a short-term sell signal and an intermediate term sell signal was generated on January 29.

WTI crude oil:

March WTI crude oil advanced $3.71 on heavy volume of 845,693 contracts. Volume was the strongest since January 22 when March WTI lost $1.47 on volume of 868,320 contracts and total open interest increased by 10,922 contracts.On January 30, total open interest increased by 11,655 contracts, which relative to volume is approximately 45% below average, however an open interest increase on a price advance is positive. The March contract accounted for a gain of 2,172 of open interest. As this report is being compiled on February 2, March WTI is trading 90 cents higher and has made a daily high of 50.56, which is the highest print since 51.73 made on January 15.In order for March WTI to generate a short-term buy signal, the low of the day must be above OIA’s key pivot point of 51.84.Stand aside.

Natural Gas:

March natural gas lost 2.8 cents on volume of 250,454 contracts.Total open interest increased by a massive 11,785 contracts, which relative the volume is approximately 75% above average meaning that aggressive new short-sellers were entering the market and driving prices to a new contract low (2.637). As this report is being compiled on February 2, March natural gas has made another contract low at 2.608. On December 1, OIA announced that natural gas generated a short and intermediate term sell signal. Stand aside.

Gold:

April gold advanced $23.30 on volume of 189,019 contracts. Total open interest increased by 4,623 contracts, which relative the volume is average. The February contract lost 5,676¬†of open interest, which makes the total open interest increase more impressive (bullish).As this report is being compiled on February 2, April gold is trading 90 cents lower on the day and has made a daily low of 1266.50, which is above Friday’s low of 1257.50. Setbacks are buying opportunities. April gold remains on a short and intermediate term by signal.

Silver:

March silver gained 43.5 cents on volume of 52,349 contracts. Total open interest declined by 228 contracts, which relative the volume is approximately 75% below average. The March contract accounted for loss of 1,421 of open interest. Considering the magnitude of the advance on Friday, the minor decline of open interest is a disappointment. However, managed money is significantly long the market and it appears that profit-taking may have been the order of the day. As this report is being compiled on February 2, March silver is trading 3.2 cents lower. Setbacks are buying opportunities. March silver remains on a short and intermediate term by signal.

Coffee:

March coffee advanced 1.90 cents on volume of 21,884 contracts. Total open interest declined by 2,396 contracts, which relative the volume is approximately 300% above average meaning that liquidation was extremely heavy on the modest advance. The March contract lost 2208 of open interest, May 2015 -608, September 2015 -61. As this report is being compiled on February 2, March coffee is trading 1.20 higher on the day. March coffee remains on a short and intermediate term sell signal.

Sugar:On February 2, March sugar will generate a short-term sell signal.

March sugar lost 6 points on heavy volume of 171,979 contracts. Volume was the strongest since January 27 when March sugar lost 19 points on volume of 200,702 contracts and total open interest increased by 7,737 contracts. On January 30, total open interest increased by 678 contracts, which relative to volume is approximately 80% below average. However, the March contract lost 14,706 of open interest, which makes the minor increase of open interest much more impressive (bearish). As this report is being compiled on February 2, March sugar has closed at 14.22, down 57 points and has made a daily low of 14.10, which is only three points above the contract low of 14.07 made on January 5.On January 27, March sugar generated an intermediate-term sell signal and will generate a short term sell signal on February 2, which reverses the short term by signal of January 16.

From the January 28 report:

“It looks increasingly likely that March sugar is going to reverse the short term buy signal of January 16.In order for this to occur, the high of the day must be below OIA’s key pivot point for January 29 of 14.91. If the market penetrates 14.61, bullish positions should be liquidated.”