TFM Midday Update 06-16-2022

The CME and Total Farm Marketing offices will be closed Monday, June 20, 2022, in observance of Juneteenth Day


  • Jul corn up 9 @ 7.83
  • Corn futures are higher this morning with the European weather model showing hot and dry temperatures forecast through the end of the month
  • Corn net export sales were 5.5 mb for 21/22, a marketing-year low, and down 50% from the previous week and 45% from the prior 4-week moving average
  • Net sales from 22/23 were 5.5 mb, primarily to Mexico, Japan, and unknown destinations
  • Weekly ethanol production rose by 21,000 barrels per day to 1.060 million bpd, meeting the level needed to hit the USDA’s estimate


  • Jul soybeans up 10 @ 17.04
  • Soybeans are higher despite modest export sales numbers and Brazil taking over as the origin of choice for their cheaper beans
  • Grain markets, in general, are recovering after yesterday’s Federal Reserve decision to raise interest rates by 75 basis points
  • Net export sales for 21/22 of 11.7 mb were down 26% from the previous week and 16% from the prior 4-week average
  • Net export sales of 15 mb for 22/23 were primarily to unknown destinations, China, and Japan
  • Shipments of 26 mb are above the weekly average of 23.8 mb needed to reach 2.170 bb

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  • Jul wheat up 27 @ 10.77Jul KC up 20 @ 11.53, & Jul MNPLS up 13 @ 12.14
  • Wheat is higher following estimates from Ukraine that 5.9 million acres of winter crops will go unharvested due to Russia’s occupation of the country
  • Weather forecasts show mostly hot and dry conditions as hard red winter harvest expands into Kansas this week
  • Bangladesh is reported to have canceled its tender for 50,000 mt of milling wheat
  •  Net export sales for 22/23 were 8.7 mb, and last week’s export shipments of 13.6 mb were above the 13.1 mb needed each week to achieve the USDA’s export estimate of 775 mb


  • Jun LC down 0.225 @ 137.325 & Aug FC down 2.150 @ 171.125
  • Live and feeder cattle are lower after posting impressive gains yesterday as cash trade was significantly higher
  • Packers were aggressive yesterday with cattle in the South trading 2 dollars higher at 139, and Northern dressed 4 dollars higher than last week at 230
  • Net export sales of 17,400 mt for 2022 were down 2% from last week and 12% from the previous 4-week average
  • Choice cuts down 1.22 and select down 1.14
  • Cattle slaughter projected at 126K
  • CME Feeder Cattle Index for 6/15: down 0.10 @ 160.08


  • Jul hogs up 0.825 @ 109.100 & Jul pork cutout up 0.225 @ 113.200
  • Hog futures are higher after cash held onto its strength from yesterday, while the cutout slipped again by 2.88
  • July hogs have rebounded near the level where June went off the board, and strong cash this week may indicate increasing demand and tight supply
  • Slaughter pace may be lower due to a tighter hog supply and not because of lower demand, and the cutout should reflect that
  • Net export sales of pork were 27,600 mt for 2022 and up 65% from last week and 1% from the prior 4-week average
  • National Direct Afternoon report has cash up 0.61
  • Hog slaughter projected at 472K
  • CME Lean Hog Index for 6/16: up 0.73 @ 108.13



Amanda Brill

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