TFM Midday Update 03-06-2023


  • May corn down 4 @ 6.36
  • Corn is trading slightly lower this morning as a decline in wheat prices add pressure
  • Brazil is still receiving rain as they harvest and get ready to plant second crop corn, while Argentina remains dry with poor crop ratings
  • Wednesday’s WASDE report may show revisions in South American production pegging the Argentinian crop smaller
  • This morning, the USDA announced private export sales of 110,000 mt of corn to Japan and 182,400 mt to unknown both during the 22/23 marketing year


  • May soybeans up 13 @ 15.31
  • Soybeans are trading higher thanks to a big jump in meal that is being supported by very strong cash offers that are at a premium to futures
  • With Argentina’s crop expected to be so small, it is possible that the US will pick up on bean meal exports that normally come from Argentina
  • Private analysts are estimating Argentina’s production at 31 to 32 mmt, which is significantly less than the USDA’s last estimate so the WASDE report on Wednesday may adjust that
  • Bean oil is lower, along with a decline in palm oil of 1.7% and a drop in crude as well


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  • May Chi wheat down 12 @ 6.97, May KC down 18 @ 7.98, & May MNPLS down 1 @ 8.68
  • Wheat is the biggest percentage loser of the day and Chicago is slipping below its support at 7 dollars
  • Paris milling wheat futures gapped lower as Russia’s cheaper wheat offers continue to pressure prices of other countries wheat
  • The northern Plains spring wheat areas and soft red winter areas in the eastern Belt have continued to receive much needed moisture
  • The CFTC reports have been delayed for the past few weeks, but what has been released shows funds short 72,000 contracts


  • Apr LC up 0.550 @ 165.975 & Apr FC up 2.375 @ 198.400
  • Both live and feeder cattle are higher today with feeders leading the way on lower corn
  • Cash was higher again last week with trade in the South done at 1-2 dollars higher and in the North up to 4 dollars higher
  • Feedlots have the upper hand right now and higher cash is possible again this week
  • Choice cuts up 0.82 and select down 0.72
  • Cattle slaughter projected at 125K
  • CME Feeder Cattle Index for 3/3: up 1.41 @ 185.43


  • Apr hogs down 0.975 @ 83.575 & Apr pork cutout UNCH @ 91.150
  • Hogs are trading lower today as cash fell and cutouts lost 0.16
  • Technically, hogs are oversold which may trigger some buying action from funds
  • Last week’s exports were good at 31,000 mt but were down 40% from the previous week
  • National Direct Afternoon report lost 0.66
  • Hog slaughter projected at 480K
  • CME Lean Hog Index for 3/6: up 0.06 @ 78.71


Amanda Brill

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