Floor Talk May 1
Wheat futures were lower in overnight trading after the USDA said 33% of the winter crop was in good or excellent condition, up from 31% a week earlier. Chicago wheat was down about 3 cents and Kansas City wheat was off by about 6 cents. The Kansas Wheat Tour starts today so it'll be interesting to see what scouts find. The drought has been going on for the better part of six months in some areas while freeze and frost have been a problem in others. In other news, export inspections of corn and wheat were lower week-to-week while soybean assessments rose. Finally, it's going to be extremely dry, again, in the southern Plains today with risks of wildfires high, while thunderstorms are forecast for parts of eastern Nebraska and western Iowa -- some severe enough to spawn tornadoes, according to the National Weather Service. Check out all the details in today's 3 Big Things.
Brent Crude Oil = down 0.9%.
West Texas Intermediate = down 1.1%.
Dollar = up 0.5%.
Wall Street = U.S. stock mixed pre-market.
World Markets = Global stocks higher overnight.