OptionEye Macro Outlook Sept. 13th
Overnight sees corn down 3 to 4, beans down 5 to 6 and wheat steady to a little easier. Bearish news out of the report yesterday sent the bean market lower and although the corn numbers weren't bullish, the big fund short may keep it choppy and trade sideways.
The equity market came back strong yesterday after some dovish Fed comments before they go into their quiet period before the next meeting. The equity market this morning is coming back down to earth with the S&P future down more than 14 points and the Dow future down 109.
The oil market is lower after the IEA said that the oversupply will persist into 2017. Crude oil this morning is down over 2% at $45.20 down $1.09. The gold market is slightly lower but hanging in there at $1325.81 down $2.01.
Thje 10 year yield spiking higher yesterday is settling in at 1.66% this morning.
The dollar is a little stronger above 95.00 at 95.25 up .19.
Today we get NFIB Small Business Optimism and the Monthly Budget Statement.