Floor Talk March 24, 2021

[marketeye]

At the close:

At the close, the May corn futures settled 2¢ higher at $5.53 1/4. July corn futures ended 3¢ higher at $5.37 1/4. New crop December corn futures closed 3/4¢ lower at $4.69.

May soybean futures closed 9 1/2¢ higher at $14.32 3/4. July soybean futures ended 9 3/4¢ higher at $14.21. New crop November soybean futures settled 4 3/4¢ higher at $12.28 1/4.

May wheat futures finished 10¢ lower at $6.24 1/4.


May soymeal futures closed $2.20 short term higher at $401.00.


May soy oil futures closed 0.46¢ higher at 57.48¢ per pound.

In the outside markets, the NYMEX crude oil market is +3.28 higher (+5.68%) at $61.04. The U.S. dollar is higher, and the Dow Jones Industrials are 174 points higher (+0.54%) at 32,598 points.

Pryscilla Paiva, Canal Rural meteorologist, says that widely scattered showers maintained overall favorable conditions for emerging second crop corn in key producing areas in Brazil during March.

For the next 15 days, weather forecast models indicate that Brazil's corn crop could see scattered showers and average accumulated rain below 10.00" in much of the region between major producing areas, including Mato Grosso do Sul, Mato Grosso, Goiás and Paraná.

"The analysis of atmospheric patterns shows that the combination of South Atlantic Subtropical Anticyclone (SASA), a zonal flow of subtropical jets, and the humidity transport concentrated in the northern and extreme southern portions of Brazil are the main drivers for upcoming the conditions. The exception may occur from April 02 to 05, when the SASA is expected to decrease rapidly, and a cold front advances throughout Brazil's coast causing unstable atmospheric conditions with chances of rainfall over 10.00" for isolated areas in Paraná, Central-West and Southeast Brazil," Paiva says.

Mike

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At 8:45am:

Soybeans lead the midweek trading.

Mike