Floor Talk May 19
Corn, wheat and soybeans, especially the latter, all rebounded overnight after big losses on Thursday as analysts say bargain hunters who'd been waiting for a prime opportunity to enter the market jumped in. Not much fundamentally has changed other than the Brazilian real steadying and the dollar declining overnight, which again makes US goods more attractive to overseas buyers. That gave grains and soybeans a bit of a bid. Corn was up 2 cents, beans rose 7 cents and wheat gained about a nickel.
Export sales all rose week-to-week, which is a good sign. This close to the end of the marketing year for wheat means everybody's looking at 2017-18 sales instead of those in the current marketing year. In weather news it's more of the same -- rain, thunderstorms and flooding. Storms are hammering much eastern Kansas and Oklahoma and further west parts of southern Missouri and Illinois are getting beat up by severe storms. See it all in today's 3 Big Things at http://www.agriculture.com/news/crops/3-big-things-today-may-19
Here's what happened overnight:
Brent Crude Oil = up 1.3%.
West Texas Intermediate Crude Oil = up 1.2%.
Dollar = down 0.4%.
Wall Street = U.S. stock futures higher in pre-market trading.
World Markets = Global stocks higher on rebounding oil prices.