OptionEye Macro Outlook May 3rd
Overnight sees corn steady to a bit easier, beans are steady better and wheat is 5 lower. Interesting to note that the volatility in all 3 was lower, some significantly yesterday. Corn vol was of 2%, beans off 1% and wheat getting hit hard off more than 3%.
Stocks are going to open a little lower with the S&P future down over 4 points and the Dow down 23 points.
The dollar is hovering around 99.09 which is up .11.
The 10 year is a little lower at 2.29% as investors still act confused.
The oil market got hit yesterday and is a bit higher this morning trades at $48.01 up.35. Gold is lower and trades at $1253.73 down $1.37.
Today we get MBA Mortgage Applications, ADP Employment Change, Markit PMI's ,ISM and the FOMC Rate Decision. No change is expected.