OptionEye - Macro Outlook - Mar. 10th
USDA report today...things will be slow until the release at 11:00. I am not looking for anything crazy as the real moving report will be acreage at the end of the month.
Overnight corn was down 1, beans down 4 and wheat down 4. Yesterday we had a little short squeeze on stories of a lower soybean carryout today. We shall see. The real story is how strong the dollar is this morning. Currently it is up .72 to 98.31.
Gold is down $5.06 to $1162.09.
Stocks are easier on the rallying dollar and the S & P market is lower by over 14 points in early trade.
Oil is lower by .37 cents to $49.63.
The 10 year yield is coming in as well to 2.17% having been out to 2.25% just a few days ago.
Things are getting difficult with job losses and energy bankruptcies. How can the FED justify their rate hike stance? We wait with baited breath.