The contract never really found much of a footing throughout the day, even though export inspections were slightly improved. Inspections were reported at 21,560,000 bushels versus 20,993,000 bushels last week. Soybeans were near unchanged in a relatively quiet session. The PGM sector is seeing little to no support. The current break to the downside has been continuous to say the least.
Industrial pressure seems to be the main reason for such bearishness.
Continuing exports from South Africa and Russia will pressure this sector. We expect Silver to feel more of the global economic affects in the mid-term. A major report on business sentiment, the Bank of Japan's tankan survey, came in worse than expected Monday morning. The Headlining diffusion index for large manufacturers fell from a minus 16 reading in the last report in June to a minus 33 this time around. Forecasters were expecting a move to about a minus 28.