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Tidbits, Markets & Rain Days Update 7/3/23

Market Schedule

The CBOT will close its normal time today, but will not reopen until 8:30 AM Central on Wednesday. Trading volume will be light today as a lot of people are taking a four day weekend.

The USDA will release its Weekly Crop Progress report at 3 PM Central this afternoon. The market wants to know how much the corn and bean crops improved. USDA will also release the crushing numbers for May at 2 PM.

Purchasing Managers’ Index (PMI) is the result of a survey of business purchasing managers' intention to buy more or less material for their business in the coming month than they did the previous month. PMI index over 50 means more supplies will be bought and less than 50 mean less will be bought. It is the only forward-looking economic indicator and has become important to markets around the world.

Today, we get PMI numbers from China, India, South Korea, Australia, and the USA.

For US farmers, the China PMI is more important in the short run than the US PMI because grain export demand is more important for grain prices than the US economic outlook. China does buy more food and feed products than any country in the world.

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