TFM Midday Update 05-18-2022


  • Jul corn down 18 @ 7.82
  • Corn has slipped below 8.00 as the weather shows rain falling from Missouri to Wisconsin, expected to move across the eastern Corn Belt later today
  • Planting conditions are favorable in the Corn Belt, but North Dakota and Minnesota are still too wet
  • Brazil’s corn crop is going through pollination with continued dryness into the seven-day forecast
  • Later today, the US Energy Department will report on last week’s ethanol production, and another active week is expected


  • Jul soybeans down 12 @ 16.65
  • The USDA has confirmed the sale of 229,200 tonnes of US soybeans to unknown destinations
  • July beans are trading about 58 cents higher than the August contract, a bullish sign of the willingness of commercials to pay up for physical soybeans
  • Higher soybean meal is helping July beans stay green while deferred contracts are lower
  • July soybeans on the Dalian exchange closed at the equivalent of $21.65, near the highest prices of the year, and a sign that China will be back to buy both old and new crop beans

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  • Jul wheat down 43 @ 12.35, Jul KC down 48 @ 13.20, & Jul MNPLS down 51 @ 13.42
  • Wheat is lower thanks to rain falling in Missouri, and moderate to heavy amounts anticipated toward the end of the seven-day forecast for Oklahoma, central Texas, and eastern Kansas
  • Day one of the Wheat Quality Council’s HRWQ wheat tour has estimated an average yield of 39.5 bushels an acre, down from 59.2 last year
  • Although weather conditions are still poor, it seems that a bit of rain forecast has driven the market lower today
  • Despite all three wheats being down in the double digits today, the overall trend is still higher with wheat production struggling domestically and abroad


  • Jun LC down 1.225 @ 131.775 & May FC down 0.975 @ 156.200
  • Cash cattle traded two dollars lower than last week which dragged futures lower along with lower corn
  • Cattle weights are heavier than a year ago and with feed lots not wanting to carry them for long with high feed prices, more cattle will be dumped in the market
  • Traders are concerned that cash will fall even lower, but the discount of cash to the June contract should provide some support to futures
  • Choice cuts up 0.17 and select up 2.52
  • Cattle slaughter projected at 125K
  • CME Feeder Cattle Index for 5/17: down 0.73 @ 155.27


  • Jul hogs down 1.800 @ 105.950 & Jun pork cutout down 0.525 @ 110.550
  • Hog futures worked significantly higher yesterday as cash came out much higher, giving needed momentum
  • Higher cash shows the strength of demand, and it appears as though the bottom has been hit and futures are headed higher
  • The packer is finding fewer market-ready hogs to choose from
  • National Direct Afternoon report has cash up 9.74
  • Hog slaughter projected at 479K
  • CME Lean Hog Index for 5/18: down 0.17 @ 99.90


Amanda Brill

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