TFM Midday Update 02-11-2022


  • Mar corn up 5 @ 6.47
  • Talk that Argentina’s corn crop is as low as 48 mmt (compared to the USDA’s 54 mmt)
  • Rumors that China bought 2 mmt of US corn (unconfirmed at this time)
  • Despite lowering estimates, CONAB is still projecting the safrinha (second crop) corn to be record large


  • Mar soybeans up 8 @ 15.82
  • Paraguay is buying soybeans from Argentina for import for the first time ever
  • Grain is not moving to the ports in Brazil – in part due to rains delaying harvest in central and northern areas
  • USDA announced a sale of 299,357 mt of soybeans to unknown destinations

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  • Mar wheat up 16 @ 7.87, Mar KC up 8 @ 8.09, Mar MNPLS up 9 @ 9.51
  • Ukraine says Russian naval vessel maneuvers are slowing their ships moving out
  • Paris milling wheat is up at midday
  • There is a front that will move across the US Southern Plains but it looks like most of the HRW wheat areas will miss any moisture with most of it in the east


  • Apr LC up 0.300 @ 147.175 & Mar FC up 0.150 @ 166.875
  • Weakness yesterday may have been due to pressure on financial markets
  • Cast trade was mostly steady with the previous week
  • Futures are overbought and yesterday may have been the beginning of a correction
  • Choice cuts down 0.97 and select down 3.10
  • Cattle slaughter projected at 120K
  • CME Feeder Cattle Index for 2/10: up 0.69 @ 162.73


  • Apr hogs down 1.075 @ 102.350 & Apr pork cutout down 0.600 @ 109.500
  • Feb hogs expire 2/14
  • Traders liquidated yesterday in an overbought situation
  • Weekly export sales were 40% behind last week and down 71% from the four-week average
  • Increasing slaughter pace should keep packers aggressive
  • National Direct Afternoon report decreased 1.87
  • Hog slaughter projected at 470K
  • CME Lean Hog Index for 2/11: up 0.52 @ 87.74


Brandon Doherty

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