OptionEye - Macro Outlook - Oct. 10th
That is all that can be said. The FED threw a wrench in the works this week and there have been reports that the USDA may do the same. Rumours swirling around that the USDA may make some sort of 'comment' on acreage. We shall see but it has volatiity spiking.
Overnight corn down 3, beans down 8 and wheat down 3 as well.
It's all about the report today but Wall St. is stealing some of the headlines. The world has 'suddenly' woken up to the fact the Europe's economies are shrinking/struggling and the Far East is contracting as well. Can the US hold up the world? I think the market say 'no'.
The 10 year continuing its march lower and now sits at 2.30%. Stocks, after falling sharply yesterday are continuing their slide again today. After a 334 point drop yesterday in the DOW, it looks to open another 60 lower this morning.
Crude is lower again too. Currently trading at $84.90 down .87 cents. Gold can't catch a bid too and is down .80 cents to $1223.51.
The dollar is stronger again to 85.75 up .23.
Today we get the Import Price Index and of course the USDA. Hang on tight.