OptionEye - Macro Outlook - Oct 24th
Corn up 3, beans at $10.00 again and wheat up 8.
Just like in other macro markets, traders in this space have been caught wrong footed. The weather in Brazil, harvest delays in the US and too many weak shorts has caused the bean market to explode, not to mention some decent exports. Today will be interesting as Nov options expire.
The 10 year yield is at 2.23% and some anxiety has come back into the market with the introduction of an Ebola case in NY. The stock market is down this morning on these fears but has staged an amazing come back from last weeks lows. It's what we call a face ripping rally.
Gold is up by $1.69 to $1233.55 and oil is off .84 cents to $81.25 after the Saudis said yesterday they were slowing production.
Today we get some new home sales figures.