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Senior Contributor

OptionEye - Macro Outlook - Aug 5th

Good morning.

 

Corn doing its dance, down 3 this morning. Beans also getting hit hard down 18 on forecasts for more rain in the midwest aiding an already fantastic crop. Wheat not really feeling the pain and only down 1 this morning. 

 

In other news the 10 year yield still confounds as it stays under 2.50% at 2.49%. Why, with a stock market sell off because of perceived interest rate hikes sooner rather than later, would the 10 year yield stay low and trade lower...hhmmmm. 

 

Stocks are off this morning, giving back a lot of yesterday afternoon's rally. Maybe we strengthen towards the open as Europe was up pretty much across the board today. 

 

Oil is pretty much unchanged at $99.27 down .02 cents. 

 

Gold is up $1.36 to $1389.67. 

 

The dollar is stronger again at 81.51 up .18 as the Euro continues to weaken. 

 

Today's economic data consists of Markit PMI, ISM and Factory Orders. 

 

 

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