TFM Midday Update 04-08-2022

CORN

  • May corn up 10 @ 7.68
  • Ukraine probably won’t be able to ship 7-8 mmt of corn
  • The downgrades to the Argentina corn crop may shift some demand to the U.S.
  • Dec corn is near contract highs due to a lower U.S. acreage estimate and concern about dryness in the western Corn Belt this summer
  • The Buenos Aires Grain Exchange reduced Argentina’s corn crop rating from 32% to 21% good to excellent

SOYBEANS

  • May soybeans up 28 @ 16.74
  • Lower South American soybean crop could increase U.S. exports and lower the carryout
  • China’s economy is slowing (due to covid outbreaks) and there is concern that their imports of soybeans will be lower than what the USDA is saying
  • Soybean oil is supported by Ukraine’s lack of ability to ship sunflower seed oil
  • The Buenos Aires Grain Exchange reduced Argentina’s soybean crop rating from 33% to 25% good to excellent

 

Like what you’re reading?

Sign up for our other free daily TFM Market Updates and stay in the know!

 

WHEAT

  • May wheat up 28 @ 10.48, May KC up 21 @ 10.92, May MNPLS up 21 @ 11.21
  • As much as 10 mmt of wheat might not get shipped out of the Black Sea
  • North African countries are looking for wheat as they normally buy from Russia
  • Many crop areas of the U.S. southern plains remain under stress due to dry conditions and recent high winds
  • Paris milling wheat futures Sep onward are near contract highs
  • India’s Ag Minister said their wheat exports could be up to 11 mmt (vs the USDA’s 8.5 mmt estimate)

CATTLE

  • Jun LC up 0.700 @ 134.800 & May FC up 0.325 @ 159.800
  • Spread trading yesterday with traders buying deferred contracts more aggressively
  • Export sales at 14,000 mt
  • Traders may buy back into the market since cattle futures held support on Wednesday
  • Choice cuts down 0.04 and select up 0.17
  • Cattle slaughter projected at 116K
  • CME Feeder Cattle Index for 4/7: up 0.05 @ 155.59

HOGS

  • Jun hogs up 0.600 @ 114.750 & Jun pork cutout up 0.575 @ 122.325
  • Hog futures held support yesterday
  • Bear spreading at midday with traders buying deferred contracts and selling nearby
  • Export sales at 41,200 mt (China was one of the two buyers)
  • National Direct Afternoon report declined 0.72
  • Hog slaughter projected at 475K
  • CME Lean Hog Index for 4/8: down 0.40 @ 100.68

Author

Brandon Doherty

Sign up to get daily TFM Market Updates straight to your email!

Subscribe
back to TFM Market Updates
Categories