OptionEye - Macro Outlook - May 28th
Overnight grains were generally higher with corn up 1, beans steady better and wheat up 4. Problems with India giving wheat a bit of a boost. Wheat has tumbled 24% in the past year.
The 10 year yield is lingering at 2.12% and looking for direction. Today we get Initial Jobless Claims, Continuing Claims and Bloomberg Consumer Comfort Index. Maybe that will yield some direction.
Stocks, after coming back strong yesterday (of course) are going to be a little lower on the opening. The S & P future is down just over 2 points this morning.
Oil is slightly higher at $57.64 up .13 cents this morning and trading heavy. Gold, still going nowhere, is unchanged this morning at $1188.05.
The dollar is slightly weaker at 97.17 down .20.