Floor Talk April 2
Soybeans and corn were higher overnight on the first day of trading after the prospective plantings report on Thursday that showed fewer-than-expected acres will be sown this year. The USDA said 89 million bean acres and 88 million corn acres would be planted, below the prior month's estimate for both crops and analyst expectations. Soybeans were up 12 cents overnight, corn gained 3 cents and wheat was up 4-7 cents. Money managers weren't as positive as they reduced their bullish bets on all three grains in the week that ended on March 27. Net-long positions in corn dropped by almost half while bullish soybean bets declined about 6%, according to the CFTC. In weather news, a winter storm warning is in effect for the northern Plains where up to 9 inches of snow is expected in parts of the Dakotas, while extremely dry weather continues to hurt the southern Plains. Check out the details in today's 3 Big Things.
Brent Crude Oil = up 0.6%.
West Texas Intermediate = up 0.4%.
Dollar = down 0.1%
Wall Street = U.S. stock futures lower in pre-market trading.
World Markets = Global stocks mixed overnight