OptionEye - Macro Outlook - Mar. 9th
Overnight corn up 4, beans up 6 and wheat up 9. Tomorrow is the USDA report and it looks as though the shorts continue to bail on their positions before the announcement. All three up decently this morning.
The 10 year yield went out to 2.25% after the unemployment number and has backed off to 2.21% this morning. I still feel like the rate hike rhetoric is still way too premature but I am becoming more and more alone in this endeavor. Oh well.
Oil is up .09 cents this morning to $49.70 after a decent sell off on Friday.
Gold is up $7.53 to $1174.73. Both oil and gold have had a tough road the last few months.
Stocks are lower this morning after a tough day on Friday with weak longs bailing on the rate hike talk.
Japanese GDP came out weaker than expected at 1.5% vs a 2.2% expectation. I think we are going to see more of this as the year goes on.
The dollar has strengthened a lot as of late and this morning is off a tad to 97.48 down .13.
No significant economic news out today which the headlines will be dominated by the rate hike rhetoric and Euro area tensions.