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Tidbits, Pro Farm Tour IA & IL, US PMI, Broilers & Ethanol, Markets & Rain Days Update 8/24/23


Pro Farm Tour Results for Wednesday Iowa and Illinois:



The US manufacturing Purchasing Managers Index (PMI) was 47.0; the market expected 48.9. Last month's manufacturing PMI was 49.0. The US services PMI was 51.0; the market expected of 52.1. Last month’s services PMI was 52.3. A PMI number below 50 means the industry is expecting less business in the coming month than the previous month. As a result of this poor economic news. The stock market and many commodities rallied on the news the the US economy is doing poorly and worse than expected. Why? Because bad economic news means the Federal Reserve is less likely to raise interest rates.

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