TFM Midday Update 09-28-2022

Provided by Stewart-Peterson Inc.

CORN

Dec corn up 1 @ 6.69
Concern about higher interest rates and recession are pressuring the markets
Friday’s Grain Stocks and Small Grains Summary reports may help give traders some direction
Argentina is dry but looking at the 12-day maps could show some rains
Central China remains dry and there is no rain in the 2-week forecast

Nov soybeans down 11 @ 13.97
11% of oil production in the Gulf of Mexico has been shut down due to the hurricane
The National Soybean Index, at 13.69, is at the lowest level since January
The world bank lowered China’s growth numbers from 5% to 2.8% (this is the first time below 3.2% in 30 years)
Malaysian palm oil futures fell 8% to a 20-month low yesterday (and are down 17% over the last 5 days)

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Dec wheat up 23 @ 8.95, Dec KC up 25 @ 9.68, & Dec MNPLS up 18 @ 9.61
Leaks in the Nord Stream pipeline are a concern in Europe (with some reports of deliberate sabotage)
Ukraine reportedly is asking for a European export corridor in case the deal with Russia is not renewed or closes early
Four states in Ukraine have reportedly voted to become part of Russia
Paris milling wheat futures are higher and currently above the 100-day moving average
According to NOAA, to end the drought in Nebraska, western Kansas, and the Texas/Oklahoma panhandles, it would take 9-15 inches of rain

Oct hogs down 0.100 @ 88.600 & Oct pork cutout down 0.325 @ 98.550
Hog futures have seen a massive selloff over the past several days (Dec lost about $12 in the past week)
Demand is a concern and may be driving long liquidation and stops being triggered
Quarterly Hogs & Pigs report will be released on Thursday
A chart gap remains above the market and futures are oversold – these factors may provide support
National Direct Afternoon report increased 5.49
Hog slaughter projected at 482K
CME Lean Hog Index for 9/28: down 0.58 @ 96.41

Brandon Doherty