TFM Midday Update 06-14-2022


  • Jul corn down 6 @ 7.63
  • Corn is lower this morning in sympathy with lower wheat following good-to-excellent ratings that were better than expected
  • The USDA reported sales of 148,000 mt of corn to Mexico
  • The Crop Progress report showed the national corn condition rating at 72% good-to-excellent vs expectations of 73%
  • North Dakota still has 10% of its intended acreage unplanted, while 88% of the US corn crop is emerged vs 78% last week


  • Jul soybeans down 1 @ 17.07
  • Soybeans and soybean oil are lower despite a jump in crude, while soybean meal is lower
  • The first national soybean condition score came in at 70% good-to-excellent as expected vs 62% last year
  • Soybean planting progress was estimated at 88% complete vs 90 expected, and 78% last week, with 70% of the crop emerged
  • Soybeans remain in an uptrend while meal and oil are in either consolidative phases or downtrends

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  • Jul wheat down 12 @ 10.60, Jul KC down 13 @ 11.49, & Jul MNPLS down 10 @ 12.12
  • Wheat is lower this morning following crop progress that showed a good-to-excellent rating of 54% for spring wheat, short of the 63% expected but better than last year’s 37%
  • Planting progress in the US was estimated at 94% complete vs 91% expected, and 100% last year
  • Winter wheat harvest was estimated at 10% complete vs 5% last week and an average of 12%
  • Wheat and crude oil should be good indicators for when inflation concerns have peaked, given the rising interest rate environment


  • Jun LC up 0.400 @ 134.400 & Aug FC down 0.050 @ 171.250
  • Live cattle are higher this morning after yesterday’s sell off, while feeder cattle are modestly lower despite lower corn
  • Cash trade is not yet established but asking prices are between 138 and 140 in the South and above 230 in the North
  • The Federal Reserve is expected to raise interest rates by 0.75 of a point which may negatively impact demand
  • Choice cuts down 0.78 and select down 1.44
  • Cattle slaughter projected at 125K
  • CME Feeder Cattle Index for 6/13: down 1.58 @ 160.29


  • Jul hogs up 1.225 @ 107.875 & Jul pork cutout up 1.425 @ 113.375
  • Hogs are higher this morning after posting gains at yesterday’s close as well thanks to a jump in the cutout of 2.22
  • Although cash was lower, futures have been following moves in the cutout, and higher cutouts may move packers to be more aggressive in purchases today
  • The June contract goes off the board today with July taking over as the front month
  • National Direct Afternoon report has cash down 2.14
  • Hog slaughter projected at 473K
  • CME Lean Hog Index for 6/14: up 0.21 @ 107.40


Amanda Brill

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