Highlights
The S&P Purchasing Managers Index (PMI) was released Monday. A PMI of 50 means the managers who do the buying for their business plan to buy the same number of inputs next month as they did the previous month. The S&P Index PMI, which includes US services and manufacturing was 47.3 in October, down from 49.5 in September. We did not think this news was nearly as significant as the market did. Certainly, China’s announcement it will continue its “zero covid” policy hurt markets as well. That means one case of covid and the city is locked down until it goes for several (ten?) days without any covid positive tests.
Central Illinois soybean crush margin is an all-time high at $6.04. Export inspections yesterday were 2.88 million mt. Where is that poor soybean demand? We just cannot seem to find it.
This soybean crush margin chart is as of April 2018: