OptionEye Macro Outlook May 2nd
Overnight sees corn unchanged, beans up 7 to 9 and wheat up 3 to 4. It will be interesting to see how these funds handle their large short positions. I think all the bad news is in, they are short a combined 200k contracts between the 3 and it is getting wetter. Will they bail (no pun intended).
The stock market is going to open slightly easier with the S&P future down 1.50 points and the Dow future down 14 points.
The 10 year yield sits at 2.33% and still is looking for direction.
The dollar is pretty much unchanged at 99.02 down .05.
Oil still struggling at $49.20 up .36 cents. and gold is pretty quiet at $1256.00 down .65 cents.
Today we get just Vehicle sales so the talk will be about the first 100 days and the tax proposal.