AM Comments 12/03/12
Monday, December 3, 2012, 9:04 amSubmitted by: Dustin Weiner
Good morning!
Our markets are higher this morning across the board. The outside markets are friendly as crude oil is stronger, the dollar is weaker and stock markets across the globe are higher. Also in positive news, Chinese PMI was up - indicating that their manufacturing sector is expanding. This Nov. PMI of 50.6 is the highest in 7 months, adding strength to all commodities.
Egypt came in and bought some US wheat over the weekend, first of the crop year from the U.S. This is friendly to the wheat market as it is competitive again with the Black Sea region.
Weather is still a topic of conversation as Argentina is still a little too wet, even though they did have a nice drying weekend. Argentina does have another system coming in late this week which could bring 1-4” of rain. Brazil on the other hand appears OK in regards to weather forecasts.
Currently
Corn is 5 to 7 cents higher
Soybeans are 14 to 18 cents higher
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