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ShelladyOptions
Senior Contributor

OptionEye - Macro Outlook - July 31st

Good morning. 

 

Corn down 1, beans up 1 and wheat down 2. 

 

And now for the bad news...corn is poised for its biggest monthly decline in 3 years - a 13% slump. 

 

Argentina's default clock runs out and they look to be in default for the second time in 12 years. This will shake things up a bit. Stocks here are taking it on the chin, with the S & P down 10 handles already this morning. The 10 year yield is back above 2.50% and sits comfortably at 2.56% after yesterday's very strong GDP number.

 

Oil below $100 at $99.51 down .76 cents.

 

Gold is lower too by $1.43 to $1294.89.

 

The dollar is stronger again to 81.49 up .06. 

 

We get initial jobless claims today and the big one tomorrow. 

 

 

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