Floor Talk May 11
Wheat and soybeans were higher overnight while corn was little changed. Wheat rose on continuing concerns about the hard-red winter crop in the southern Plains due to the snowstorm a couple weeks ago -- the damage assessments should be rolling in soon -- and soybeans gained after stockpiles came in a bit lower than expectations in the WASDE report. Wheat gained 2-3 cents, soybeans were up about 3 cents while corn was down half a penny. Weatherwise, the southern Plains is getting rain on already saturated fields, but the precip may help finish out some hard-red winter crops. Flooding continues in the Midwest, though the rain may actually stop for a few days starting this afternoon.
Here's what happened overnight:
Brent Crude Oil = up 1.3%.
West Texas Intermediate Crude Oil = up 1.3%.
Dollar = down 0.1%.
Wall Street = U.S. stock futures lower in pre-market trading.
World Markets = Global stocks mixed on rising oil prices.