Good morning.
Ratings take a hit and the grains react overnight with a bid but have come off the session highs. Corn currently up 2 but 4 cents off the overnight high, beans up 1 and are 5 cents off the highs with wheat up 4 and 3 cents off their highs. The flooded states account for as much as 25% of the corn and bean crop...what will that do to final yield? We will see more short covering today as well as test the funds with their short positions.
The dollar is stronger at 95.06 up .73.
This morning we see yields in the 10 year back up to 2.37% with yesterday's housing number the catalyst. We have traded higher in yield off of a good housing number but the Chicago Fed number yesterday was horrible. Oh well. The market is being picky on what it wants to react to.
Oil is lower but still hanging around $60. Today it sits at $60.19 down .19 cents. Gold stuck just below $1200 at $1182.99 down $2.90.
Stocks in la la land as they celebrate a 'possible' Greek deal and the housing numbers. The S & P fufure is up almost 4 points in early trade.
Today we get Durable Goods, Capital Goods, Markit PMI and New Home Sales. That, combinded with Greece, should be enought to get our teeth into.
