Morning Comments May 19, 2017
Friday, May 19, 2017, 8:05 AM
Submitted by: Landus Cooperative
Corn +2 to +3
Beans +5 to +6
Markets are trying to rebound after yesterday’s sharp losses. Grains received pressure yesterday about the corruption scandal in Brazil with allegations of bribery by the current president to former members of lower house and possibly export inspectors.
Corn prices are a little feeling pressure from heavy rains continuing to impact the Midwest. Rumors of China buying beans following the setback is supporting todays strength.
In other news, the U.S. dollar was stronger yesterday while the Brazilian real hit a 5 month low against the dollar in response to the political scandal there. Crude oil is trading higher this a.m., just above $50/barrel.