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Senior Contributor

OptionEye Morning Macro Outlook - July 11th Report Day

As one would expect, not a lot of movement overnight considering the USDA at 11:00 CST today.

 

The reallly only noteable thing for me yesterday was the 10k Dec corn $3.00 puts that were bought by a large customer. They paid 1/2 cent to 5/8 cent to get them all in the books. Not a bad punt but fairly depressing from a producers point of view.

 

Yesterday the market had a temper tantrum and sold off hard in the morning only to bounce and finish lower but well off their lows.

 

Crude lower again at $102.52 down .41 cents.

 

Gold is up $2.15 to $1337.90 and has been the beneficiary of late from Middle East fears and Protuguese bank scares.

 

The 10 year yield almost went through 2/50% yesterday but held and is currently at 2.53%.

 

The dollar is a tad weaker to 80.09 down .03.

 

We shall see what the gov't gives us this morning but traders are bracing for more bad news.

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