OptionEye - Macro Outlook - May 14th
Overnight corn up 1, beans up and wheat up 5.
Quiet day in the ags yesterday as soybeans looked to find their feet. That WASDE report put beans on the defensive.
The 10 year yield camping out at the 2.26% level this morning. The moves we have been seeing in the bond market have got a lot of the other markets spooked. The bond market is the biggest market, at times it is 5 times as large as the equity market, and to see a market that big move that fast has got investors taking a little cover.
Oil is pretty much unchanged this morning and stands at $60.44 down .06 cents.
Gold saw a good rally yesterday but is fairly quiet this morning trading above $1200 at $1218.59 up $2.92.
The dollar is getting hit this morning and is down .34 at 93.27. Gold getting a bid from the weaker dollar and it would be nice to see the grains get that same boost. If they don't, I think it is bearish.
Today we get PPI and Initial Jobless Claims. Have a great Thursday.