OptionEye - Macro Outlook - April 7th
Overnight corn unchanged, beans down 3 and wheat down 4. Weather and the dollar will be the driver today. The dollar is stronger this morning and stands at 97.53 which is up .75. No real surprises in the planting report but corn is still behind its 5 year average. Nothing really to worry about but it will be a topic this week. We also get the USDA numbers on Thursday so we will have some things to move/talk about.
Oil is selling off after yesterday's big rally and is lower by .49 cents this morning and trades at $51.65. Gold is slightly lower too and stands at $1210.40 down $4.46.
The 10 year yield is at 1.90% after having bounced off that 1.83 a few times over the last few weeks. Interesting to see the bond market lower yesterday on rate hike talks and the stock market higher on pushing a rate hike out later. Headscratcher for sure.
This morning stocks are a little higher with the S & P future up 3 points after yesterday's decent rally in the face of that bad jobs number last Friday.
Today we get no real significant economic indicators so prepare for the headlines to be dominated by the dollar.