Floor Talk March 2

[Tony_Dreibus]

Futures for soybeans and grains were lower in overnight trading amid profit-taking after yesterday's jump. Beans lost 3 cents while corn and wheat lost about a penny. It seems very unlikely that anything changed fundamentally overnight, leading analysts to believe the small drop in prices is technical. Ethanol stockpiles rose to the highest level in almost a year despite production that was unchanged week-to-week, according to the Energy Department. In weather news, extremely low humidity, warm weather and strong winds have created tinderbox-like conditions in parts of the southern Plains this week. 

Here's what happened overnight:

Brent Crude Oil = 0.8% lower. 

West Texas Intermediate Crude Oil = 0.8% lower.

Dollar = up 0.3%.

Wall Street = U.S. stock futures mixed in pre-market trading.

World Markets = Global stocks mixed on dollar's gain

[roarintiger1]

It's early March.   Low humidity and warm weather this early sounds like a reason for a large weather premium to be built in the grain market.  They had better get busy.   

[illinifarmer]

Wow 😳 brings a whole new meaning to thievery

[Tony_Dreibus]

Tiger I keep waiting for wheat prices to react to the dry weather in the southern Plains. It hasn't rained much at all there in the past 30 days, but if you recall there was a lot of precip in January that's apparently holding them over. It'll be interesting to see how the hrw crop has fared over the winter.