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marketeye
Veteran Advisor

Floor Talk April 6, 2021

FYI:

I just got word that it will be rainy in the Midwest beginning this week. And then it cools off as we head toward April 15-16 timeframe. How cool? A frost or a freeze is not being ruled out.

What's behind this weather pattern? It's called a Monster Rex Block. You heard it here first. Here's more clarity from the National Weather Service.

Rex blocks are characterized by a high-pressure system located pole-ward of a low-pressure system. The Rex block will remain nearly stationary until one of the height centers changes intensity, unbalancing the high-over-low pattern.

Unsettled, stormy weather is usually found near the low pressure while dry conditions are typical with the high-pressure. Strong, particularly persistent Rex blocks can cause flooding near the low-pressure part of the block and short-term drought under the high-pressure part.

 

This is a Rex Block, according to the National Weather Service

Rex BlockRex Block

I'm told that four weather systems will move through the Midwest before the Rex Block sets in. 

 

Mike

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At the close:

At the close, the May corn futures closed 1¢ higher at $5.54 1/2. July corn futures ended 1 3/4¢ higher at $5.41. New crop December corn futures are 5 1/4¢ lower at $4.83 1/2.

May soybean futures settled 6¢ higher at $14.18 1/4. July soybean futures closed 5 3/4¢ higher at $14.13 1/2. New crop November soybean futures closed 2 1/4¢ higher at $12.71 3/4.

May wheat futures settled 2 1/2¢ lower at $6.15 3/4.


May soymeal futures ended $0.10 short term higher at $406.40.


July soy oil futures finished 1.11¢ higher at 53.92¢ per pound.

In the outside markets, the NYMEX crude oil market is +0.67 higher (+1.14%) at $59.32. The U.S. dollar is lower, and the Dow Jones Industrials are 58 points lower (-0.17%) at 33,469 points.

Mike

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At midsession:

At midsession, the May corn futures are 1¢ higher at $5.54 1/2. July corn futures are 1 1/4¢ higher at $5.40 3/4. New crop December corn futures are 4 1/4¢ lower at $4.84 1/2.

May soybean futures are 7 1/2¢ higher at $14.20 1/4. July soybean futures are 8¢ higher at $14.13 1/2. New crop November soybean futures are 3 1/4¢ higher at $12.72 3/4.

May wheat futures are 1 3/4¢ higher at $6.19 3/4.


May soymeal futures are $0.30 short term higher at $406.60.


July soy oil futures are 0.90¢ higher at 52.07¢ per pound.

In the outside markets, the NYMEX crude oil market is +1.28 higher (+2.18%) at $59.93. The U.S. dollar is lower, and the Dow Jones Industrials are 7 points lower (-0.02%) at 33,520 points.

 

Mike

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At 8:45am:

 

Higher farm markets, Tuesday.

 

 

Mike

 

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6 Replies
Hobbyfarmer
Honored Advisor

Re: Floor Talk April 6, 2021

You don't remember last year on April 15th?

8" of wet heavy snow.

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BA Deere
Honored Advisor

Re: Floor Talk April 6, 2021

The Bigshot west of Albert Lea planted a lot of corn, it`s going to be interesting to watch and learn.  They say if it`s fit to drag a bar across the field, it`s fit to plant.   Soil conditions are very good, so I`m sure it`ll be alright. 

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Wind
Advisor

Re: Floor Talk April 6, 2021

Some beans and corn being planted around here. MHO, too early.  Had 18% humidity and lots of wind lately. Very little sub-soil moisture and top soil moisture is becoming a concern.  Mike, your Rex Block is an interesting bit of news.  I think it is here now.  Yesterdays forecast looked good for picking up an inch of rain, now today that has greatly diminished.  Time is on our side.  Still no new crop sold.  

 

sw363535
Honored Advisor

Re: Floor Talk April 6, 2021

The southern jet stream is now so rare we need to rename it?

Where the lows go,  "something waits for me"

It is early and the cold north wind reminds us ........ "It is early"

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k-289
Senior Advisor

Re: Floor Talk April 6, 2021

Where  are  those  drought  hybrids  at  - ? 

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sw363535
Honored Advisor

Re: Floor Talk April 6, 2021

Largely a hype of the past.....

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