TFM Midday Update 02-01-2023


  • Mar corn down 3 @ 6.77
  • Today the Fed is expected to issue an interest rate increase of 0.25% which could affect the markets
  • Argentina announced a 27 million dollar bailout for drought-stricken farmers – combined losses for corn, soybeans, and wheat could be up to 20 mmt
  • Brazil corn may work its way into Europe as it is now cheaper than Black Sea feed wheat
  • The Cattle Inventory report showed Jan 1 cattle down 3%, which could mean less feed demand for corn


  • Mar soybeans down 15 @ 15.23
  • The Ag attaché in Argentina lowered their soybean crop to 36 mmt (which is down 9.5 mmt from the official USDA estimate)
  • US Energy Department reported that renewable diesel plant capacity increased by 141% over the previous 12 months
  • US soybean export inspections are running higher than the USDA’s estimated pace
  • China may try to hold out on making US purchases in favor of the coming Brazil crop


Like what you’re reading?

Sign up for our other free daily TFM Market Updates and stay in the know!



  • Mar Chi wheat down 6 @ 7.55, Mar KC up 3 @ 8.82, & Mar MNPLS up 4 @ 9.26
  • SRW wheat crop conditions are good, and the expectation for a drier trend in April could help that harvest
  • US wheat is still more expensive than Russia and Germany
  • After a firmer close yesterday, wheat is mixed this morning
  • Winterkill is still a threat to the HRW crop
  • US wheat sale commitments are 7% below last year
  • Egypt’s GASC is tendering for Feb-Mar wheat with Russia expected to be the origin


  • Feb LC down 0.200 @ 158.650 & Mar FC down 2.375 @ 183.775
  • The Cattle Inventory report results were generally as expected
  • Beef cow herd down 4% from last year & calf crop down 2%
  • Both live and feeder cattle futures are weaker this morning, an indication that much of the report was already factored into the market
  • Choice cuts down 2.01 and select up 1.40
  • Cattle slaughter projected at 128K
  • CME Feeder Cattle Index for 1/31: up 0.54 @ 180.42


  • Apr hogs down 1.900 @ 84.525 & Apr pork cutout down 1.500 @ 93.075
  • Feb hogs may continue to converge with the index as that contract nears expiration
  • Choppy trade in April contracts forward may indicate support is building
  • There has not yet been anything to trigger the funds to begin short covering
  • Higher cash expected today as packers need to maintain slaughter pace
  • National Direct Afternoon report gained 0.77
  • Hog slaughter projected at 490K
  • CME Lean Hog Index for 2/1: down 0.13 @ 72.58


Brandon Doherty

Sign up to get daily TFM Market Updates straight to your email!

back to TFM Market Updates