TFM Midday Update 12-15-2022

Provided by Stewart-Peterson Inc.

CORN

March corn down 1 @ 6.49
Private exporters reported sales of 101,600 mt of corn for delivery to Mexico during the 22/23 marketing year
USDA reported an increase of 37.8 mb of corn export sales for 22/23
The Fed issued a 50 basis point interest rate increase
Weekly ethanol production fell 16,000 barrels per day last week to 1.061 million bpd
Argentina’s corn crop is estimated to be 40% planted by the end of the week
Brazil’s November corn exports were 6.7 mmt (double that of last year)

January soybeans down 9 @ 14.73
USDA reported an increase of 108.1 mb of soybean export sales for 22/23
NOPA crush expected to be 181.5 mb (this would be a new November record)
Palm oil is trading near recent lows
China’s October soy imports are said to be 4.1 mmt which is 19% lower than a year ago
The comments from the Federal Reserve suggest that inflation is still a concern and this may have a negative impact on demand

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March Chi wheat up 1 @ 7.50, March KC down 2 @ 8.48, & March MNPLS up 1 @ 9.18
USDA reported an increase of 17.2 mb of wheat export sales for 22/23
The Rosario Grain Exchange reduced their estimate of Argentina’s wheat crop by 300,000 mt to 11.5 mmt
Paris milling wheat futures gapped lower yesterday
Algeria is said to have purchased 500,000 mt of wheat (most thought to come from the Black Sea)
Russian FOB wheat is about $65 per metric ton cheaper than US HRW wheat

Brandon Doherty