TFM Midday Update 02-17-2023

The CME and Total Farm Marketing offices will be closed Monday, February 20, 2023 in observance of Presidents Day


  • Mar corn up 1 @ 6.77
  • Private exporters reported sales of 120,800 mt of corn for delivery to unknown during the 22/23 marketing year
  • Grain markets will be closed Monday for President’s Day
  • The Buenos Aires Grain Exchange rated Argentina’s corn crop 11% good to excellent (vs 20% last week)
  • 68% of Argentina’s corn is said to be pollinating
  • Black Sea exports of corn to China were 1 mmt in December and 1 mmt in January


  • Mar soybeans up 2 @ 15.28
  • The Commitments of Traders report has been delayed for the third week in a row
  • The Buenos Aires Grain Exchange rated Argentina’s soybean crop 9% good to excellent (vs 13% last week)
  • Brazil still looks to harvest a record soybean crop, which may act as a bearish influence
  • Sharply lower crude oil is pulling soybean oil down this morning
  • Based on March futures, the value of crushed soybeans is $3.48 higher than the cost of uncrushed


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  • Mar Chi wheat up 1 @ 7.66, Mar KC up 4 @ 9.02, & Mar MNPLS up 2 @ 9.32
  • The deadline to close or extend the Black Sea export deal is March 19th and right now it is in question as to which way Russia will go with that decision – negotiations start next week
  • Ukraine still claims that Russia is intentionally delaying export inspections
  • The Ukraine Grain Union said 2023 harvest could reach 64.8 mmt of grain, with 14 mmt of wheat exports possible
  • Recent precipitation in the southwestern US plains is welcomed, but is not enough to be a drought buster


  • Apr LC up 0.875 @ 164.950 & Mar FC up 0.550 @ 186.775
  • Cash bids and offers were $2-$3 apart yesterday
  • Packers will need cattle and may have to bid up
  • Strong boxed beef is indicating good demand
  • February live cattle continue to make new highs
  • Choice cuts up 3.88 and select up 1.45
  • Cattle slaughter projected at 121K
  • CME Feeder Cattle Index for 2/16: down 0.04 @ 183.03
  • CME Feeder Cattle Index for 2/15: up 0.01 @ 183.07


  • Apr hogs up 0.575 @ 86.350 & Apr pork cutout up 0.550 @ 92.950
  • China was one of the top buyers on yesterday’s strong export sales, indicating good international demand
  • Yesterday’s strong cutouts may indicate a higher trend to come
  • Lower cash expected today
  • National Direct Afternoon report declined 0.54
  • Hog slaughter projected at 479K
  • CME Lean Hog Index for 2/17: up 0.23 @ 75.85


Brandon Doherty

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