TFM Midday Update 01-13-2022

The CME and Total Farm Marketing offices will be closed Monday, January 17, 2022 in observance of Martin Luther King Jr.

CORN

  • Mar corn down 9 @ 5.90
  • USDA reported an increase of 18 mb of corn export sales
  • Yesterday’s report was mostly neutral to slightly bearish for corn
  • Carryout was raised 47 mb to 1,540 mb
  • Crop production pegged at 15.115 bb (2nd highest on record)
  • Yield unchanged at 177 bpa
  • Rains forecasted for dry areas of Argentina and southern Brazil over the next week

SOYBEANS

  • Mar soybeans down 21 @ 13.78
  • USDA reported an increase of 27 mb of soybean export sales
  • Yesterday’s report was mostly neutral to slightly bullish for soybeans
  • Carryout was raised 10 mb to 350 mb
  • Soybean production pegged at 4.435 bb
  • Yield increased slightly to 51.4 bpa (vs 51.2)
  • The Buenos Aires Grain Exchange stated that after the coming rains, dryness could return and last until mid-March

WHEAT

  • Mar wheat down 11 @ 7.47, Mar KC down 15 @ 7.63, Mar MNPLS down 11 @ 9.09
  • USDA reported an increase of 9.7 mb of wheat export sales
  • Yesterday’s report was somewhat bearish for wheat
  • Paris milling wheat futures gapped lower today
  • Carryout was raised 30 mb to 628 mb
  • Wheat production pegged at 1.646 bb
  • Yield unchanged at 44.3 bpa
  • Winter wheat acreage increased by 750,000 to 34.4 million acres

CATTLE

  • Feb LC up 0.475 @ 137.050 & Mar FC up 1.175 @ 166.200
  • South Korea, China, & the Philippines have suspended beef imports from Canada after discovery of mad cow disease
  • Demand remains strong and boxed beef continues upward
  • Chart gaps remain above current levels and may need to be filled
  • Choice cuts up 1.71 and select up 2.35
  • Cattle slaughter projected at 115K
  • CME Feeder Cattle Index for 1/12: down 0.03 @ 162.21

HOGS

  • Feb hogs up 1.525 @ 77.325 & Feb pork cutout up 0.850 @ 89.875
  • Slower slaughter pace remains a concern due to labor shortages
  • Hogs may back up in the market due to slower slaughter levels
  • National Direct Afternoon report declined 0.92
  • Hog slaughter projected at 453K
  • CME Lean Hog Index for 1/13: down 0.07 @ 75.06

Author

Brandon Doherty

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