TFM Midday Update 03-23-2022


  • May corn up 6 @ 7.59
  • Russia continues its attacks and concerns are increasing regarding spring planting in Ukraine
  • Canadian Pacific Railway is reportedly operating again
  • Ukrainian officials are encouraging the planting of cereals instead of corn this year
  • May corn on China’s Dalian Exchange is around the equivalent of $11.55 per bushel


  • May soybeans up 22 @ 17.18
  • Meal and oil are higher at midday, supporting soybeans
  • Brazil soybean harvest is about 70% complete
  • Disruption of sunflower oil production out of Ukraine is a bullish influence for soybeans
  • May soybeans on China’s Dalian Exchange are around the equivalent of $22.63 per bushel

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  • May wheat down 6 @ 11.13May KC down 3 @ 11.14May MNPLS up 4 @ 11.00
  • Recent moisture in the US southern plains is the best that area has seen in several months
  • Ukraine’s winter wheat harvest remains a major concern – some might be harvested but Russians have not hesitated to target civilians
  • Ukraine wheat exports (among others) have been banned to protect their food security


  • Apr LC down 0.600 @ 138.825 & Apr FC down 0.400 @ 160.175
  • Cash may not be better than steady this week
  • Feedlots may be willing to hold out for higher prices
  • Choice cuts up 1.47 and select down 0.61
  • Cattle slaughter projected at 125K
  • CME Feeder Cattle Index for 3/22: up 0.20 @ 155.13


  • Apr hogs up 1.175 @ 102.025 & Apr pork cutout up 1.500 @ 107.625
  • Increase in cash and cutouts yesterday indicates that packers need supply
  • Cold Storage report released today at 2 PM central
  • Deferred contracts (June onward) have made new highs today
  • National Direct Afternoon report increased 5.59
  • Hog slaughter projected at 478K
  • CME Lean Hog Index for 3/23: down 0.03 @ 101.77


Brandon Doherty

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