OptionEye Macro Outlook July 1st.
Happy July 1st.
Well well well. No explaining the bean move yesterday except the fact that it was end of month and end of quarter. The funds own it and go the print they wanted. Not a lot of resistance this early in the cycle.
Overnight quiet with corn down 1, beans down 1 and wheat down 5. It has been one heck of a week. This 3 day break will be well received.
The 10 year yield however is not taking a break and continues its march to 1.00%. Whether or not it's justified is a different deal. This morning it sits at 1.41%.
Stocks are quiet and look to open steady to a little easier. The S&P future is lower by 2 points and the Dow future is down by 10 points.
The oil market is lower as well to $48.04 down .29 cents. Gold is up at $1334.78 up $12.58.
The dollar is lower by .39 to 95.75.
I hope everyone as a safe and happy holiday weekend.