AM Comments 08/31/15
Monday, August 31, 2015, 7:08 AM
Submitted by: Dustin Weiner
China is once again the focus this morning as China’s Shanghai Composite Index fell just shy of 1% again overnight – which put them down 12% for the month of August. A staggering statistics for you: that drop equates to $5 trillion (!!) lost this month. Now this morning the market seems to be collectively doubting the idea that China’s recent efforts to prop up its markets will be successful. This is applying pressure to many sectors and the DOW is called to open triple digits lower later this morning…
In commodities we saw weaker prices overnight for two (familiar) reasons: big crops and worries about losing global demand. For fundamental news, we should start to hear harvest reports increase in nature this week as the southern and eastern Midwest starts picking corn. This could give us a little strength - early results from last week showed yields well below expectations, and if that trend continues the market could try to adjust...
Corn 1 to 3 cents lower
Soybeans 7 to 10 cents lower
Have a great day!