- U.S. factory orders fell 2.5% in September, weaker than expected.
- YoY producer prices in the Euro area rose 7.9% in September.
- China’s Manufacturers Purchasing Managers Index (PMI) showed that factory activity fell to 45.2 from 47.7. (50 and below indicates contraction)
- Spain’s unemployment rate reached a 12-year high of 11.3%, the worst in the EU.
- The USDA said 55% of the corn crop was harvested, down from the five-year average of 79%.
86% of the soybean crop was harvested, at its regular pace.
- The cost of production for Brazilian soybeans, produced in Mato Grosso, is estimates in a range of $8.27 to 9.19 with transportation costs adding $2.50-3.25 per bushel. This means farmers will need to see a board price north of $11.00 per bushel in the May 09 forward futures in order to lock in a positive return.
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