NEW YORK (

TheStreet

) -- The markets retreated Wednesday under selling pressures ahead of the jobs report.

The

Dow Jones Industrial Average

fell 5.45, or 0.05%, to 10,674.98, while the

S&P 500

dropped 1.43, or 0.13%, to 1,125.81. The

Nasdaq

lost 10.51, or 0.46%, to 2,293.06.

Tim Seymour said on

CNBC

's "Fast Money" TV show, said the markets were a "yawner," with investors staying on the sidelines. He said a good jobs report on Friday would be treated by the markets as an upside surprise.

Taking the contrarian view, Anthony Scaramucci said the lack of job growth in the private sector is leaving investors shaky about the market. "The recovery is way longer than we want it to be."

Seymour said it's possible for the market to rally without job growth if other other factors such as good corporate earnings are in play.

Joe Lavorgna, chief economist for Deutsche Bank, said the odds are building for a surprise to the upside. He said one good report could spur consumers to spend and companies to hire. He is forecasting an increase of 150,000 nonfarm payroll jobs for July and a jobless rate of 9.3%. He said an increase of 30,000 private sector jobs would be "lousy."

Melissa Lee, the moderator of the show, asked the panel to comment on the breakout in agricultural stocks after wheat soared today to a 23-month high following a Russian ban on wheat exports.

Seymour said the crisis will be around for some time, adding wheat is going to be strong for a long time. Terranova said

Archer Daniels Midland

(ADM) - Get Report

and

Bunge

(BG) - Get Report

should do well.

Jim Bower, president of Bower Trading, said he could not recall a drought as intense as this one that has caught a lot of corporations that use wheat off guard. He noted the spring crop in Canada could be in trouble but the U.S. wheat crop is in decent shape and should benefit.

As for derivative trades, Seymour said he would pick up

Potash

(POT)

on any weakness, adding he also liked

Agrium

(AGU)

. On the other side of the ledger, he said he would question staying long in

Sarah Lee

( SLE) and

Kellogg

(K) - Get Report

.

Lee noted that

Research In Motion

( RIMM) was down again today as Secretary of State Hillary Clinton stepped to see what she could to do to help resolve BlackBerry security issues with the UAE.

Brian Kelly said he was still long on RIMM because of its hold on the government sector. Scaramucci remained optimistic about the chances of cutting a deal.

Shifting to tomorrow's headlines, Doug Kass, president of Seabreeze Partners, said he is still slightly net long. He expressed worries about the "economic dog patch" that is growing daily, as evidenced in the weak pending home sales numbers, factory orders, personal income and spending numbers, and initial job claims figures.

He said he's concerned about a revised second-quarter GDP report in two to three weeks that could lower the nation's economic growth to under 2%. He said that would lead to an uncertain outlook for the second half.

For the hedge fund pick of the week, Scaramucci chose

Crown Castle

(CCI) - Get Report

a cellular tower company that beat revenue expectations and will be moving to a REIT format. He said Crown, which is owned 23% by hedge funds, is in a good position to profit from the strong demand for towers to handle the growing data demand from smartphones and other mobile devices.

In the under the radar segment, Lee brought in Dennis May, CEO of hhgregg, which soared more than 7% today. Lee said the appliance retailer enjoyed a 53% in sales in the first fiscal quarter that saw the opening of 26 stores.

He said the company is seeing strong customer interest in 3D, LED and Internet TVs.

Lee turned to

CNBC

contributor James Pethokoukis to comment on his report of rumors that the Obama administration may propose forgiving the mortgage debt for a portion of the millions of homeowners who are underwater.

Lee pointed out the report was denied by Treasury officials, but Pethokouis said it was important to note to note there wasn't any push-back by the White House. He suspects the proposal is being pushed by the political team in the White House over the wishes of Treasury.

Scaramuci said such a proposal would be a "disaster for contract law" and bad policy. Seymour said it would be reward bad behavior.

In the final trades, Kelly liked

JPMorgan Chase

(JPM) - Get Report

. Seymour liked

Rio Tinto

( RTP) while Scaramucci liked

Coca-Cola

(KO) - Get Report

Finerman liked

Best Buy

(BBY) - Get Report

. Terranova liked

Bristol-Myers Squibb

(BMY) - Get Report

.

-- Written by David Tong in San Francisco

To watch replays of Cramer's video segments, visit the Mad Money page onCNBC

.

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