OptionEye Macro Outlook February 16th
Overnight sees corn down 1, beans down 4 and wheat steady easier. Close to 7 month highs and new crop corn over $4.00 have both of those contracts at precarious levels. I speak about this in my video this week as besides mother nature and supply and demand, the dollar will take center stage.
The dollar is a little weaker at 100.71 down .47 .
Stocks are a little lower after all three major indexes closed at all time record highs yesterday. The S&P future currently trades almost 4 points lower and the Dow future trades at 32 points lower.
The 10 year yield acting like it wants to break out of the recent range and trade higher than the 2.50% level. Currently it sits at 2.47%.
The crude oil market is strong at $53.4 up .33 cents. The gold market is a little better this morning at $1237.45 up $3.72.
Today we get Housing Starts, Building Permits, Initial Jobless Claims, Continuing Claims, the Philadelphia Fed Business Outlook and the Bloomberg Consumer Comfort Index.