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Senior Contributor

OptionEye - Macro Outlook - July 21st

Good morning.

 

Overnight grains are trying to bounce back after yesterday's sell off. 

 

Corn up 1, beans up 6 and wheat unchanged. Yesterday's ratings, although below a year ago, did improve and we have a good 7 days of decent weather here in the midwest. A stronger dollar yesterday was not a help either. This morning the dollar is a little weaker but is still relatively strong. It stands at 97.86 which is down .16 from yesterday's close. 

 

Stocks are basically unchanged but look heavy as IBM's results disappointed. The S &  P futures are steady better this morning. 

 

The 10 year yield stands at 2.37% which is also relatively unchanged. 

 

Oil is just above $50 and trades at $50.10 down .05 cents. Everything looks pretty quiet. Gold is up by $10.19 to $1106.86. 

 

Today we get US Industrial Production and Capacity Utilization revisions. That is it. 

 

 

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