TFM Midday Update 05-23-2022


  • Jul corn up 5 @ 7.84
  • Corn is off to a quiet start today with prices still holding support after bearish outside markets were hard on many commodities last week
  • The value of ethanol and distiller’s grains are 2.10 above the cost of corn in Iowa, according to USDA’s Friday report
  • Cash corn prices are seeing their strongest basis in ten years
  • Friday’s CFTC data showed non-commercials increasing their net long position to 473,743 contracts


  • Jul soybeans down 18 @ 16.87
  • Beans are lower following President Biden’s remarks that the US would intervene militarily if China were to invade Taiwan
  • Private exporters reported to the USDA export sales of 130,000 metric tons of soybeans for delivery to Egypt during the 21/22 marketing year
  • Jul soybeans are priced 63 cents above the Aug contract which is a bullish sign of commercial demand
  • Friday’s CFTC data showed non-commercials increasing their net long position to 183,647 contracts


Like what you’re reading?

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



  • Jul wheat up 14 @ 11.82, Jul KC up 17 @ 12.70, & Jul MNPLS up 8 @ 12.87
  • Wheat is finally having a positive day after three straight days of losses last week as weather concerns, and problems with shipments from Ukraine, Russia, and Europe retake the spotlight
  • In the US, heavy rain amounts are expected to arrive in the southwestern Plains over the next three days with some already falling in northwestern Kansas
  • A mix of rain and snow fell in North Dakota and southern Manitoba Friday, adding to planting difficulties
  • Friday’s CFTC data showed non-commercials increasing their net long position in KC wheat to 38,997 contracts


  • Jun LC up 0.300 @ 131.875 May FC down 0.175 @ 153.225
  • Live cattle are slightly higher while front month feeders struggle to stay green after Friday’s bearish Cattle on Feed report
  • Both on feed at 102% and placements at 99% were higher than anticipated, and this is the second month in a row that estimates for placements were significantly below the actual
  • Cash looks disappointing this week with some initial calls for another 1-2 dollars lower
  • Choice cuts up 0.47 and select down 1.04
  • Cattle slaughter projected at 124K
  • CME Feeder Cattle Index for 5/20: down 0.41 @ 153.05


  • Jul hogs up 0.875 @ 109.875 & Jun pork cutout up 1.425 @ 115.775
  • Hogs are higher again today, with Friday’s impressive close resulting in an 8.13 weekly gain for the Jun contract
  • Cash has continued higher along with the cutout which rose 3.65, both very supportive to futures
  • Slaughter pace has increased, resulting in the packer needing to be aggressive in their search for hogs
  • National Direct Afternoon report has cash up 2.46
  • Hog slaughter projected at 475K
  • CME Lean Hog Index for 5/23: up 0.80 @ 101.17


Amanda Brill

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

back to TFM Market Updates