TFM Midday Update 03-14-2022


  • May corn down 12 @ 7.51
  • Reports of Russia asking for military aid from China
  • China has locked down the city of Shenzhen, a very active port city (due to covid)
  • Rains in central Brazil should help the corn crop, but dryness in Argentina could stress late planted corn
  • Private exporters reported 159,000 mt of corn for delivery to Mexico during the 21/22 marketing year


  • May soybeans up 11 @ 16.87
  • Talk of Argentina having stopped offering export licenses for soymeal and soyoil
  • Argentina exports 41% of the world’s soybean meal and 48% of the world’s soybean oil
  • Brazil soybeans may not be available after September (due to a lower crop)
  • New crop export commitments are the largest on record for early March (at 280.9 mb)


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  • May wheat up 40 @ 11.46, May KC up 45 @ 11.34, May MNPLS up 19 @ 10.89
  • Wheat is rebounding at midday after a lower start
  • Chances of light showers in the US southern Plains over the next few days
  • Possible ceasefire talk from Russia again, however they continue to advance and attack
  • Russia has started to resume exports of wheat out of the Black Sea


  • Apr LC up 3.200 @ 140.500 & Apr FC up 4.300 @ 162.275
  • Beef demand is strong but consumers are purchasing fewer higher end cuts
  • Due to higher grain prices, feedlots may not hold out for higher cash
  • Packers may be less aggressive this week with some cattle purchased ahead
  • Choice cuts up 0.77 and select up 1.74
  • Cattle slaughter projected at 122K
  • CME Feeder Cattle Index for 3/11: down 0.50 @ 152.56


  • Apr hogs down 0.850 @ 101.875 & Apr pork cutout down 0.725 @ 107.600
  • Packers may be aggressive, bidding higher due to tight supplies
  • Friday cash and cutouts were not supportive to futures
  • Inflation may impact pork demand
  • National Direct Afternoon report declined 1.65
  • Hog slaughter projected at 473K
  • CME Lean Hog Index for 3/14: up 0.85 @ 100.76


Brandon Doherty

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