Floor Talk April 30
Corn jumped to a nine-month high and soybeans rose as continued rainfall in parts of the upper Midwest keeps growers from fields. Flooding has been an ongoing problem in southern South Dakota, southwestern Minnesota and northeastern Iowa for the past few weeks thanks to snow melt from further north. Rain is expected in the region again today, according to the National Weather Service. Corn was up 3 cents, beans gained 7 cents and wheat added 4-6 cents overnight. Some rain is also expected in the southern Plains, though the chances are fairly low that any will actually fall, the NWS said. In other news, money managers reduced their net-long positions, or bets on higher prices, on corn and beans in the week that ended on April 24. They did, however, extend bullish bets on hard-red winter wheat. Get all the details in today's 3 Big Things.
Brent Crude Oil = down 0.9%.
West Texas Intermediate = down 1%.
Dollar = up 0.4%
Wall Street = U.S. stock mixed pre-market.