Highlights
Eduardo Vanin reported Sunday grain export traders in Brazil are planning to extend the soybean export program through July, and possibly into August because farmers are selling very little corn, but they are selling enough soybeans to load some ships. Kory Melby expects Brazil will soon be out of beans.
Argentine farmers’ soybean sales stalled in June, the head of the country’s crushing and export chamber (CIARA-CEC) told Reuters, down 45% from May’s sales as a weakening peso in informal exchange markets led farmers to hold onto their soybeans.
Later this morning we will get the S&P U.S. manufacturing Purchasing Managers Index (PMI), a monthly forward looking economic indicator.
China's government manufacturing PMI, at 49.5, as expected, was lower for a second month while services sector activity slipped to a five-month low, keeping alive calls for further stimulus as the economy struggles to get back on its feet.
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