OptionEye Macro Outlook July 8th
Overnight good to see corn higher after the size of the Brazilian corn crop was reduced by 10% - the market tried to rally yesterday but the funds rained on that parade. Maybe we can rally today. This morning corn is up 5 cents, beans are up almost 12 cents and wheat is up over 3 cents. Let's see if we can maintain the gain.
The stock market will be quiet overnight as we await the all important non-farm numbers at 7:30 CST. This morning the S&P future is up over 5 points and the Dow future is up 45 points.
The 10 year nervous ahead of the figures as well and sits at 1.38%.
The oil market has taken it on the chin but is up this morning to $45.62 up .48 cents. Gold is hanging on to its gains at $1356.90 down $3.50.
The dollar is a little weaker at 96.10 down .22.
Obviously it's all about non-farm.
Have a great weekend.