OptionEye - The Cow Guy - Morning Macro Outlook - April 10th
Soybeans down 7, corn down 1 and wheat unchanged.
Yesterday's numbers were bullish for beans and corn. The bean story is such that any more tightness needs to be heeded and the market did so. Corn, not so much. A blow off top and the profit takers came fast and furious. There was talk about better weather that also weighed in on the selling but I think a lot of it was money movement. Wheat's number was mildly bearish and the market reacted that way.
In other news, the Fed minutes once again caused the market and traders to take note. Lower rates longer seems to be the theme as we watched the minutes get released. Stocks loved the dovish sentiment and shot to the moon. The bond market rallied as well with the 10 year yield dropping to 2.66% this morning. If it gets through that level, I say it goes to 2.50%.
We are watching more earnings reports this morning as well.
Gold is up $11.00 to $1322.78. Oil is off .26 cents to $103.34. It is my contention that it will be difficult for us to recover quickly when we have oil and food at these high prices. We shall see.
The dollar is unchanged after weakening yesterday on the Fed minutes and stands at 79.47.
Re: OptionEye - The Cow Guy - Morning Macro Outlook - April 10th
In other words commodities are
Just who's side are you on. ?
Care too look at our production