Credit: Shutterstock photoNovember soybeans are trading 16 cents higher near 7:30 am cst. Soybean meal edged higher overnight and oil posted another new high for the move. Malaysian Palm Oil prices were stronger and posted a new 6-week high. Exports of Malaysian palm oil products for August 1-25 rose 6.6%. Chinese stocks saw significant weakness overnight as the trade was disappointed in the lack of fresh easing hints from the Chinese Premier. European stocks were also softer off revived slowing fears and also because of comments from Bundesbank officials who were pointing out the potential pitfalls of European bond buying. With German Business Confidence also softening overnight, the trade enters the new trading week fearful that slowing could be poised to pull the German economy back toward recession. In the US, the economic report slate today has a couple regional Fed manufacturing reports due out, with the Chicago Fed Manufacturing report potentially taking center stage.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
