OptionEye - Macro Outlook - July 2nd
Good morning and Happy Fourth of July Weekend.
Usually we are worried about hot and dry over this time period but now we are watching the skies for too much rain. What a difference a year makes. Beans continue to be volatile as the trade tries to figure out where we are this early in the game. The corn S/D seems to be a little clearer with a decline in yield making things that much more tighter should be very supportive early on. We have an Informa crop estimate to get through today as well as the July 10th USDA so corn will be choppy but supportive. Hang on tight.
Overnight corn is unchanged, beans are unchanged and wheat is 5 lower.
The stock market eagerly awaits our jobs numbers here and the Greece referendum on Sunday. Currently our S &P future is pointing to a slightly higher opening of just over 2 points.
The 10 year yield keeps climbing and stands at 2.44% as the jobs and Greek situation loom.
The oil market was hit pretty hard yesterday and stands at $57.19 up .23 cents this morning. Gold is down again to $1162.80 down $6.03.
The dollar is holding on to yesterday's gains and sits at 96.25 which is down .05.
We get the jobs numbers and then it will quickly be all about Greece and the timing of a Fed rate hike.
Have a safe weekend.