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Soybeans:

January soybeans lost 5.25 cents on volume of 145,305 contracts. Total open interest declined by 4,109 contracts, which relative to volume is average. The January contract accounted for loss of 6,937 of open interest. As this report is being compiled on November 25, January soybeans are trading 13.50 cents higher after making a high of 10.54, which takes out the high of 10.53 1/2 made on November 14. On January 14, January soybeans lost 31.00 cents on volume of 201,337 contracts while open interest increased by 9,384 contracts.In short, on November 14, the market was not able to sustain the high.

In order for the rally in soybeans to continue, January soybeans must make a low above OIA’s key pivot point for November 25 of 10.34 5/8, which will not occur because the low for the day has been 10.33. Additionally, January soybeans must make a daily low above OIA’s key pivot point for November 25 of 10.46 1/4, which would generate an intermediate term buy signal. Although corn, soybean meal and Chicago wheat have generated intermediate term buy signals, January soybeans have been unable to accomplish this despite many attempts.

Soybean meal:

January soybean meal lost $4.60 on volume of 96,638 contracts. Total open interest declined by 4,750 contracts, which relative to volume is approximately 100% above average meaning that liquidation was very heavy on the decline. However, the December contract lost 9,623 of open interest as it approaches 1st notice day. As this report is being compiled on November 25, January soybean meal is trading $9.30 higher and has made a high of 375.50, which is the highest print since November 14 (379.70). In order for the rally to continue, January soybean meal must make a low above OIA’s key pivot point for November 25 of 367.60.

Corn:

March corn lost 5.00 cents on volume of 367,632 contracts. Volume was the lowest since November 18 when corn lost 5.50 cents on volume of 336,078 contracts and total open interest declined by 3,903 contracts. On November 24, total open interest declined by 28,016 contracts, and this was due to the very strong liquidation in the December contract of 45,278 contracts as December corn approaches 1st notice day. As this report is being compiled on November 25, March corn is trading 5.00 cents higher on the day. In order for the rally to continue, March corn must make a low above OIA’s key pivot point for November 25 of 3.86 1/4.

Chicago wheat:

March Chicago wheat lost 4.00 cents on volume of 101,546 contracts. Total open interest declined by 1,897 contracts, which relative to volume is approximately 25% below average. The December contract lost 12,068 of open interest, and there were sufficient open interest increases in the forward months to whittle total open interest down to a minor number. We consider this to be bearish open interest action relative to the price decline. As this report is being compiled on November 25, March Chicago wheat is trading 8.00 cents higher on the day and has made a daily high of 5.58 1/2, which is below the print of 5.60 made on November 21.We see wheat continuing to struggle at current levels, and think it will run into trouble at 5.69 1/4, which is OIA’s key pivot point for November 25. In order for the rally to continue, March Chicago wheat must make a low above the pivot point.

WTI crude oil:

January WTI crude oil lost 73 cents in light holiday trading of 349,280 contracts. Total open interest declined by 8,868 contracts, which relative to volume is average. The December contract accounted for loss of 1,021 of open interest. As this report is being compiled on November 25, January WTI is trading 1.69 cents lower and has made a low of 73.71 and a high of 76.58, which is below yesterday’s high of 77.02. All eyes are on the OPEC meeting on Thanksgiving day and we think it’s much ado about nothing.The trend is down and it will take more than a symbolic cut in OPEC production to turn around the crude oil market. January WTI made its contract low at 73.22 on November 14, and we expect this to be taken out shortly.

Natural gas:

January natural gas lost 11.3 cents on volume of 384,781 contracts. Total open interest increased by 1,739 contracts, which relative to volume is approximately 75% below average, but an open interest increase on a price decline is bearish. Making this even more bearish was the December contract which lost 14,225 of open interest, which means there were sufficient open interest increases in the forward months to offset the loss of the December contract. As this report is being compiled on November 25, January natural gas has closed at 4.403, up 9.9 cents.Is

Gold:

December gold closed $2.00 lower on heavy volume of 242,828 contracts. Total open interest declined by a massive 29,301 contracts, and this was due to the massive decline of open interest in the December contract, which is approaching 1st notice day. As this report is being compiled on November 25, February gold has closed 1.20 higher. It appears that gold is getting close to generating a short-term buy signal and will do so if the low the day is above OIA’s key pivot point for November 25 of 1201.80.

Coffee:

March coffee lost 20 ticks on volume of 17,512 contracts. Total open interest increased by 462 contracts, which relative to volume is ¬†average. The December contract lost 64 of open interest, March 2015 -125. As this report is being compiled on November 25, March coffee has closed 4.55 cents higher. It appears that coffee does not have the wherewithal to continue a downtrend and it’s inability to trade below 1.8750 is a testament to the internal strength of the market. We think it is inevitable that a short-term buy signal will be generated and this will occur if the low the day is above OIA’s key pivot point for November 25 of 1.9730.