OptionEye Macro Outlook January 31st.
Good morning and welcome to the last day of the month.
Overnight, beans find their feet and are up 2 cents after their biggest day loss in 5 months. Corn is up 1 cent and wheat mixed. The CFTC report on Friday had the bean long much larger than expected and the chart action was looking kind of shaky and the weak longs went for the door at the same time yesterday.
The dollar was not a friend and was also strengthening. This morning the dollar is weakening so that might help the commodities find their feet. The dollar is trading at that psychological level of 100 and stands at 100.04 which is down .39.
The stock market is weaker this morning with the S&P down over 2 points and the Dow future down 26 points.
The 10 year yield is still hanging in there at 2.47%.
This morning the crude market is still bracketed between $50 and $55 and trades at $52.48 down .15 cents. The gold market is higher at $1205.54 up $9.98.
Today we get the Case/Shiller House Price numbers, the Employment Cost Index and the Chicago Purchasing Managers Index.