AM Comments 09/01/16
Thursday, September 1, 2016, 1:09 PM
Submitted by: Dustin Weiner
It’s a new month and while August was a rough one (December corn futures were down 27.25 cents and November soybean futures were down an even 60 cents), September is starting off a little firmer with corn and beans both spending most of the night session in the green. Albeit we are only up a couple cents, I can’t remember the last time I flipped the screen on in the morning to find corn, beans and wheat all higher!
Weekly export sales were out at 7:30 this morning and the sales made last week were all within guesses, but on the higher end. So that is neutral to a little friendly. We are seeing some Chinese news that is a little friendly also as their PMI measurement came in at 50.4. PMI is an indicator used to gauge Chinese manufacturing growth: a number above 50 indicates expansion and below 50 would indicated contraction. This number (50.4) is the highest since October of 2014 which is a good sign.
Corn 1 to 3 cents higher
Soybeans 2 to 4 cents higher
Have a great day!
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