OptionEye - Macro Outlook - June 15th
Overnight we have corn down 2, beans down 8 and wheat down 7. The dollar is stronger this morning to 95.28, up .30 but not enough to push beans and wheat as low as they have been overnight. The situation in Greece is ongoing and unchanged. The weather is hot and humid wich will ultimately be the reason for the weakness in the grain market this morning. Just remember though, we have sold off so much that any bearish weather news gets us only a 2-3 cent sell off in corn but any whiff of the slightest bullish news gets us 10 higher.
The stock market is a little lower this morning following price action in Europe with the S & P future here down over 7 points. European markets are down between .50% and 2.00% - all on the Greek talks falling apart this weekend.
Gold is lower by $5.10 to $1176.46 and continues to be quiet. Oil is lower as well to $59.16 down .80 cents.
The 10 year yield backed off its original highs to 2.36% and now awaits any Fed comments this week as we get FOMC on Wed.
Today we get Empire Manufacturing, Industrial Productino and Capacity Utilization.