Morning Comments May 18, 2017
Thursday, May 18, 2017, 8:05 AM
Submitted by: Landus Cooperative
Corn -5 to -6
Beans – 16 to -21
Wow! What a difference a day of political turmoil can make to the market. With reports of secret information being leaked and a potential cover-up, the grain markets are much lower to start the day. And that is just in Brazil, where the main focus is on news regarding the current president being secretly taped while approving payment to the person behind the ouster of the previous president of Brazil. This is all based on information submitted to the Brazilian Supreme Court by two executives of meat-packing giant JBS, as part of a plea bargain deal.
Meanwhile, back in the U.S.A., we have a lot of other information being thrown around about our own current president. This had a significant impact on equity markets yesterday.
So, all in all, today’s focus will be more on political turmoil than fundamental information. Overnight trade was off significantly, and finished near the low of the sessions range.