OptionEye Macro Outlook March 8th
Overnight grains see corn a little lower by 2 cents, beans lower by 4 cents and wheat lower by 3 to 4 cents as well. With the report tomorrow I usually expect some defensive positioning beforehand.
The dollar is a little stronger at 101.91 up .10 and still hovering around that 102 level which is still pretty strong.
The stock market is a little lower with the S&P future lower by about a point and the Dow future lower by 10 points waiting for some sort of clarity out of Washington on Obamacare.
The 10 year yield finally broke out of the range and trades at 2.54%. Let's see if we can tack on to these gains and set a new level. The trade expects a rate hike this month and it will be interesting to see what the reaction is in the rate products.
The oil market not having the same luck that the 10 year is and still is stuck between $50 and $55 at $52.58 down .56. Gold is lower as well at $1213.65 down $2.21.
Today we get MBA Mortgage Applications, ADP Employment Change and Wholesale Inventories. We also will be gearing up for the grain report tomorrow and Non-Farm Payrolls on Friday.