Floor Talk March 28
Wheat futures were lower in overnight trading as some rain finally makes its way to the southern Plains. The National Weather Service is calling for more rain, and they even used an exclamation point to drive home their point. I'm guessing even they recognize the significance of this `rain event.' Wheat dropped 2-3 cents overnight, while corn and beans were both down a penny. In other news, members of an Illinois farm group said they expect, not surprisingly, their rents to stay about the same in 2019 as long as prices remain steady. An increase to $4.20 a bushel in corn would mean a $5- to $25-per-acre increase in rent, they said. Finally, it's going to be rainy from Texas to Ohio as a large storm hitting the region brings precipitation and flooding to many areas. Check out all the details in today's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-march-28.
Brent Crude Oil = down 0.2%.
West Texas Intermediate = down 0.6%.
Dollar = up 0.1%
Wall Street = U.S. stock futures higher in pre-market trading.
World Markets = Global stocks higher overnight.