The MarketWatch Update
By: US RJO - Scott Magnuson, CTA, Analyst
June 5, 2026
Palms out, Pinky's up means he's selling large and his disposition clearly telegraphs to all buyer's that he's got a lot to do in very short period of time...
"Now imagine that happening all-day-long across the Board, and that was how the week ended today as Jobs data shifted the paradigm... It's a new year everyone, this is a new dynamic"
Today’s Market News and Trading Highlights
If markets can't induce us to trade, let's have a cup and discuss whatever comes up... that's what guys used to do when they were done on the floor. Somebody had an office in the CBOT to go up to and unwind and process a little before heading home. It was quiet a group thing... so, let's end the week and just consider a few things to end the week...
The U.S. economy created 172K jobs in May, which is twice analyst expectations of 85K
April jobs were revised up by 64K to 179K, while March was revised up by 29K to 214K. That’s a total of 93K more jobs added in March and April than were first reported for those months.
The unemployment rate remained unchanged at a historically low 4.3%. with the labor participation rate unchanged at 61.8%. This makes it easier for the Fed to raise rates later this year. That didn't help for those still holding onto hope of a resurgence in Gold and Silver prices... Both took a bath today!
Leisure and hospitality added another 70K jobs which is high. They typically only add about 15K on average this time of year. This most likely reflects some business optimism in that sector as we head into the summer season.
The financial service sector is now down by 107K jobs this past year, dropping another 22K in May. Some blame this decline on artificial intelligence adoption, -(gulp)- and that is certainly a contributor. But much of the decline can also be attributed to this sector right-sizing after over-hiring during the good times post-pandemic.
Next Up: Chinese President Xi Jinping will visit North Korea next Monday and Tuesday for a summit with Kim Jong Un, marking his first trip there since 2019 and his second as president.
The Strategic Motivation: While China traditionally acts as the dominant partner, Moscow’s growing economic and military ties with Pyongyang have reduced North Korea's reliance on Beijing. This shift grants Kim Jong Un new leverage over China.
Let's take a brief look at the Geopolitical Dynamics at play here...
The Ukraine Factor: Early 2025 concerns that Ukrainian peace could lead to a Putin-Trump alliance did not dismantle the core distrust among Beijing, Moscow, and Washington.
The Three-Way Leverage: While no two leaders fully trust each other, each is willing to manipulate the others for strategic advantage.
The Russia-China Balance: Putin currently aligns with Xi against the West, but Beijing wants to prevent Moscow from eventually turning its focus toward the security risks on Russia's southern flank with China.
Unlike Western political systems focused on short-term election cycles, both Russia and China operate on long-term strategic timelines. A robust Russia-North Korea partnership gives Putin a powerful counterweight against China if their alignment fractures. Because a nuclear-armed North Korea closer to Moscow threatens Chinese interests, Xi is initiating this summit to keep Kim Jong Un firmly within Beijing's sphere of influence.
It is a new Grain Season and I must take time to update you on what's at stake as we enter a new crop year cycle of coming events...
China holds the "trump" card for the 2026–27 soybean market. Make no doubt about it... And Trump knows it... While China fulfilled its recent 12 million metric ton promise, it is unlikely to meet its next pledge of 25 mmt without market-disrupting state intervention.
Regarding the 25 mmt Bullish Scenario... If it occurs and China purchases its full commitment. This drastically reduces ending stocks, creating a highly bullish environment.
But right now, U.S. beans are priced too high at Chinese ports, even without retaliatory tariffs. Commercial buyers will avoid U.S. beans. Only Sinograin (China's state buyer) can force these purchases for political reason and if they do, it will trigger an artificial market shift.
Other than that my friends, it was a active but whitewash of a day for some traders as all markets seemed to respond to the implications of a hot jobs number, a new Fed Chairman, an upcoming meeting and all hopes for a rate cut Mr President is beyond your influence for sure! Parting comment from 'Mags'... Kudos Mr. Powell... job well done!
Corn prices continued their downward trek today, although the selling pace has slowed, while soybean and wheat prices traded mixed as they consolidated near recent lows... 'yawnnnn'.... have a good wknd everyone... Big week ahead! Keep an eye on the Skies!
(source contributors: Reuters, Bloomberg, WSJ, St n X- MI, AP, BBC, LME, CME Grp., ICE, FCL Ltd. CNN)
Tomorrows Key Trading Reports
There are no Key Reports scheduled for release during Monday's market session.
(source: Briefing Data Svc)
New Trading Suggestions
There are no new trading recommendation for Monday's market session.
See special featured update below on the new Sugar Cube Campaign.
Steady as she goes... we'll see how well the 'classic' trendline support holds early nxt wk... if we flirt below 14.60 on a closing basis, don't be surprised if I suggest immediately reversing to the short side. We have to anticipate that this weekend.
(chart graphics: ICE Data Svc's-FS, Bloomberg, FCtL Ltd, Reuters, CQG)
* * * * *
Current Open Trades and Position Management
Here is a rebroadcast of Thursday's evenings update that experienced a minor technical glitch preventing its release. It discusses the new campaign in the October Sugar we begun this week...
We added to our long position in the October Sugar from 15.10 today at 14.70 for a position average of 14.90. Keep you adjusted protective sell stop at 14.30 on both positions. First objective remains a close over 15.45.
Market Watch-List of Developing Opportunities
Dec Corn, July Cotton, July Copper, July Cocoa
________________________________________________________________________________
Scott Magnuson, CTA : 888.861.1755
scott.magnuson@stonex.com
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