Floor Talk March 14
Corn and beans were lower overnight on speculation that overseas importers will start shifting to South America, as they often do this time of year, for supplies. The USDA last week raised its outlook for both production of both crops in Brazil. Corn lost a penny and soybeans lost a nickel. Wheat was little changed as investors are looking at each other saying `Oh, it's dry in the southern Plains and most of soft-red winter country is in the midst of a large-scale freeze warning. Maybe now isn't the best time to sell.' Anyway, there's a large storm that's hitting the northeast, closing schools and affecting trading in New York. Apparently grocery stores are cleaned out and the streets of the Big Apple are empty.
Here's what happened overnight:
Brent Crude Oil = 0.7% higher.
West Texas Intermediate Crude Oil = 0.6% higher.
Dollar = up 0.3%.
Wall Street = U.S. stock futures lower in pre-market trading on low volume.
World Markets = Global stocks higher, again following crude.