TFM Midday Update 03-25-2022


  • May corn up 1 @ 7.49
  • Reports suggest Ukraine has recaptured eastern areas of Kyiv
  • The Buenos Aires Grain Exchange raised Argentina’s corn rating from 29% to 31% good to excellent
  • Recent rains in Brazil should be beneficial to the second corn crop
  • Argentina’s forecast is dry for the next week


  • May soybeans up 2 @ 17.03
  • The Buenos Aires Grain Exchange lowered Argentina’s soybean rating from 34% to 32% good to excellent
  • Brazil soybean harvest has about 20% remaining
  • Crush values are historically high and are supportive to soybean prices
  • May soybeans on China’s Dalian Exchange are around the equivalent of $22.73 per bushel

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  • May wheat down 3 @ 10.83May KC down 4 @ 10.91May MNPLS down 5 @ 10.78
  • Wheat exports out of Ukraine still seem unlikely to happen
  • Ukrainians destroyed a Russian warship at Berdyansk, a port city on the Sea of Azov (which connects to the Black Sea)
  • Russia is still not allowing Ukrainian ships to leave the Black Sea
  • After recent moisture, HRW wheat areas are expected to be dry for the next 5 days or so


  • Apr LC up 0.425 @ 140.100 & Apr FC down 0.450 @ 162.275
  • Traders may be positioning ahead of the Cattle on Feed report (being released this afternoon)
  • Pre report estimates: 101.1% on feed, placements at 106.3%, and marketings at 104.3%
  • Steady cash should support futures
  • Choice cuts up 0.81 and select down 0.65
  • Cattle slaughter projected at 114K
  • CME Feeder Cattle Index for 3/24: down 0.28 @ 154.69


  • Apr hogs up 1.875 @ 104.650 Apr pork cutout up 1.325 @ 109.575
  • There are chart gaps below the market on some contracts which may need to be filled
  • Export sales of 23,300 mt were unsupportive
  • Packers may need to be aggressive if they did not get enough for the week
  • National Direct Afternoon report declined 0.57
  • Hog slaughter projected at 474K
  • CME Lean Hog Index for 3/25: up 0.29 @ 101.50


Brandon Doherty

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