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ShelladyOptions
Senior Contributor

OptionEye - Macro Outlook - Aug 21st

Good morning. 

 

Ugly. Plain and simple. That is what the markets were yesterday and they look to continue that trend today. How does that affect the grains? It is just a matter of capital flows. If money needs to be moved around, sometimes fundamentals take a back seat. 

 

Overnight saw corn unchanged, beans down 5 and wheat down 3. 

 

Stocks got slammed and they look to open lower again today. Asia and Europe hit overnight and our S & P futures are lower by 3 points in early trade. 

 

Oil getting hit the last few days and traded below $41 yesterday. Today it sits $41.18 down .14 cents. Gold is up with a flight to safety and we are up $2.81 to $1154.99. 

 

The 10 year yield also coming in on a delay in a rate hike. The yield this morning is 2.07%. Watch the 30 year, if it can get below 2.75% things go a lot lower. Right now it sits at 2.76%. 

 

Global commodities selling off putting a lid on inflation. Economic figures out of Asia are not good. 

 

The dollar is weaker by .61 to 95.78 with investors seeing a rate hike in September put on hold. 

 

The only thing we get this morning is Markit US Manufacturing PMI so most of the chatter will be the stock market and oil. What could possibly stem the tide. 

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