OptionEye Macro Outlook February 23rd
Overnight sees corn steady easier, beans 3 lower and wheat steady easier as well. Lots of talk of more beans acres and less corn acres. Be careful not to get the blinders on and follow the lemmings over the cliff. Who is going to let them out if they are right? We have all seen markets rally on bearish news or vice versa because those that had the trade on right had nobody to let them out or take the other side.
The dollar is a bit stronger this morning at 101.34 up .12.
The FOMC minutes were released yesterday and have really not roiled the rates market too much. The 10 year yield stands at 2.40% which is not too far from yesterday. These markets are in a standoff waiting for more policy and word on tax cuts, regulation curbs and spending.
The stock market is relatively flat this morning with the S&P future up 1, and the Dow future up 14.
The oil market making a move towards $55 at $54.30 up .71 cents and the gold is quiet at $1239.10 up $1.55.
Today we get the Chicago Fed Nat Activity Index, Initial Jobless Claims, Continuing Claims, the FHFA House Price Index and the Bloomberg Consumer comfort Index.