TFM Midday Update 04-14-2022

The CME and Total Farm Marketing offices will be closed Friday, April 15, 2022, in observance of Good Friday

CORN

  • May corn up 6 @ 7.89
  • USDA reported an increase of 52.5 mb of corn export sales for 21/22 and an increase of 15.9 mb for 22/23
  • Grain markets are closed tomorrow – may see some profit-taking ahead of the long weekend
  • Both nearby and new crop corn are making new highs
  • Rains in the eastern Corn Belt could delay plantings
  • This week the Buenos Aires Grain Exchange rated 20% of Argentina’s corn crop good to excellent (down 1% from last week)

SOYBEANS

  • May soybeans up 2 @ 16.78
  • USDA reported an increase of 20.2 mb of soybean export sales for 21/22 and an increase of 16.8 mb for 22/23
  • Private exporters reported sales of 132,000 mt of soybeans for delivery to China during the 21/22 marketing year
  • Possibility for increased U.S. exports (likely July forward) as Brazil will be out of the marketplace
  • Soybean oil is making new highs
  • NOPA crush estimate will be released tomorrow (but grain markets are closed)

 

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WHEAT

  • May wheat down 3 @ 11.10, May KC down 6 @ 11.68, May MNPLS down 1 @ 11.58
  • USDA reported an increase of 3.5 mb of wheat export sales for 21/22 and an increase of 8.3 mb for 22/23
  • Egypt paid a record high price for French wheat – this may suggest that wheat out of the Black Sea & Baltics because of increased risk
  • Crop ratings expected to remain low across the U.S. HRW wheat areas
  • Heavy snow and rain in North Dakota & Minnesota will likely delay spring wheat seeding

CATTLE

  • Jun LC down 0.725 @ 136.15 & May FC down 0.275 @ 161.675
  • Packers were aggressive yesterday as they need cattle to fulfill the brisk slaughter pace
  • Export sales of 17,200 mt (up 23% from last week)
  • New highs in corn may discourage feedlots to hold out for higher prices
  • Choice cuts down 1.11 and select down 1.34
  • Cattle slaughter projected at 125K
  • CME Feeder Cattle Index for 4/13: up 0.05 @ 155.86

HOGS

  • Jun hogs down 0.575 @ 117.025 & Jun pork cutout unchanged @ 124.525
  • Apr hogs expire today – May will be the front month next week at a large premium to the index
  • Export sales of 24,000 mt (down 42% from last week)
  • Higher cutouts yesterday indicate good demand
  • National Direct Afternoon report declined 1.88
  • Hog slaughter projected at 478K
  • CME Lean Hog Index for 4/14: down 0.09 @ 99.19

Author

Brandon Doherty

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