OptionEye - Macro Outlook - July 14th

[ShelladyOptions]

Good morning. 

Overnight, hold your breath, a deal with Iran was reached. It has been said that the President wanted a deal, Sec. Kerry wanted a Nobel Peace Prize and Iran wanted nukes. Today, they all get their wish. 

Corn down 2, beans up 8 and wheat up 1. Those are pretty reflective of last nights conditions report. Corn unchanged and beans slipped. 

Stocks are basically unchanged after yesterday's Greece relief rally and currently our S & P future is off less than a point. 

Oil is lower after the Iran deal and sits at $51.15 down $1.05. 

Gold is lower as well to $1153.83 down $4.14.

The 10 year yield is at 2.43% after rising with yesterday's stock rally. 

The dollar is at 96.67 down .18. 

Today we get Retail Sales, Import Price Index and Business Inventories. 

[ihtractortherap]

Yippee! I feel safer now.

[Mizzou_Tiger]

Corn was not unchanged

Break it down by state

Corn slipped by 1-2 points

[Mizzou_Tiger]

USDA is literally bold face lieing now

[vandenplas]

Mizzou--

that would by lying, correct?

[BA Deere]

It wouldn`t be healthy for corn to go parabolic now, it`s building a base and going down a couple pennies here and there is just a result of farmers taking a few "cookies".   The next G-E rating will "turn the pump up" a little more.

[marketeye]

Some in the trade are saying, this morning, that the market is overvalued. Beware of a slide downward, as crop conditions improve and the funds are nearly finished with five days of buying.

What do you think?

Mike

[tOTALED]

Why do we bother of coarse that is what the trade is saying?

[NateWCMN]

I'd be interested in hearing from the traders that expect crop conditions to improve what % of the formerly 'excellent' corn in MN that is now 30-90 degrees to vertical they are figuring into their crop condition model, and where the offsetting improvements will come from to get the overall increase in ratings.

Any other areas of the country have widespread damage to the corn from the storms on Sunday and Monday?  Thankfully very little hail in the area so the beans came through OK.  Wheat harvest will be a bigger challenge also with more down.

[Mizzou_Tiger]

"Overvalued"

You remember that comment 6-9 months from now