OptionEye - Macro Outlook - Aug 4th
Corn up 2, beans up 14 and wheat up 9.
The market is looking for a little bounce here as the weather has been very good and the headlines have been bearish. Beans want to gravitate to that $11.00 level but I think that things will ultimately trade heavy and these rallies are to be sold.
The 10 year yield is just under 2.50% at 2.49% and I think that this is significant as we have those on one side calling for interest rate hikes because of a strengthening economy but the 10 year is telling us differently.
The stock market had one of its worst weeks in the last 2 years and is bouncing higher this morning. We get Markit PMI today as well as factory orders. Hang on to your hats.
The dollar is strengthening again on tighter rate talk (I think this is a mistake) and sits at 81.37 up .07.
Oil is slightly higer at $98.07 up .19 cents after getting hit hard last week. I say how high and expensive can things get when your customers have no money...Gold is off .64 cents to $1292.70.