OptionEye Macro Outlook Sept. 2nd
Overnight sees corn continuing its rally up 3 more cents, beans up 6 to 7 and wheat 2 to 3 cents. The dollar is a tad stronger at 95.78 up .13. It is nice to see a short covering rally every now and again. A great way to start the weekend.
The 10 year yield is at 1.58% and it's a deer in the headlights waiting for this non-farm payroll number this morning.
The stock market also will be waiting to see what we get for jobs .The estimates are for a number somewhere near 180k. A strong number will have the rate hike talkers out again and could be a damper on commodities as that dollar gets stronger. Currently, at the time of writing, stocks are little higher with the S&P future up 1.00 and the Dow future up 20.
Oil is seeing a small bounce at $43.71 up .55 cents and the gold market is a little lower at $1312.29 down $1.63 and making a little run to that $1300 level.
Besides the non-farm numbers we will get the Uemployment Rate, Average Hourly Earnings and Factory Orders.
Have a great holiday weekend.