OptionEye - The Cow Guy - March 7th
Exports, Exports and more Exports.
That has corn and beans on the run. Black Sea tension will also keep things well bid. Corn up 9, beans up 19 and wheat up 15 on a day that we would normally expect things to settle down going into the weekend and with the looming report on Monday. The volatility has definitely hurt some people as traders have long faces on the floor. There is nowhwere to hide as the hog and cattle market have been pretty hairy as well.
As for everthing else, we get the jobs number this morning which will render the following information useless by 7:31 am but here goes anyway....stocks are slightly higher. Oil is up .43 cents to $101.99. Gold is off $1.89 to $1348.97.
The 10 year yield is 2.73% and will be one to watch after the number. Expectations are for a 150k number but that has been coming down slighty over the last few days. How much is weather to blame? Is weather to blame? I say no. The economy still has a long way to go if you ask me.
The unemployment rate will also be watched. 6.6% is the concensus guess but it is a difficult number as we have a record high non participation rate. How many 40 year olds are actually retiring? Sounds weird doesn't it.
Today will be choppy everywhere.