TFM Midday Update 06-23-2021


  • Jul up 3 @ 6.63 & Dec down 8 @ 5.31
  • Heavy rains forecasted in the central and eastern Midwest starting Thursday
  • It looks like it will remain warm and dry over the next week in the northwestern Plains, and Pacific Northwest
  • Private analysts still looking for a lower Brazil crop below 90 MMT vs the USDA June forecast of 98.5 MMT
  • Funds are estimated to be net long 190,000 contracts of corn as of this morning
  • DTN National Corn Index closed at $6.54


  • Jul down 10 @ 13.84 & Nov down 8 @ 12.94
  • Subsoil moisture remains low throughout the western Midwest and most of the Plains
  • Today USDA reported private export sales of 330,000 MT of soybeans to China during the 21/22 marketing year
  • Rumors of additional China purchases of new crop US soybeans
  • ANEC reported June soybean exports of 11 MMT from Brazil
  • Funds are estimated to be long less than 50,000 contracts of soybeans
  • DTN National Soybean Index closed at $13.59


  • Jul wheat up 4 @ 6.55, Jul KC up 8 @ 6.04, Jul MNPLS up 20 @ 8.03
  • Minneapolis wheat futures remain strong
  • Spring wheat rating of 27% good to excellent and 37% poor to very poor have led to recent gains
  • Some soft red wheat areas will get heavy rains which will delay harvest
  • Yield potential lower due to a dry outlook in the Dakotas, Minnesota, and the Northwest
  • Parts of Russian and Eastern Europe still experiencing high heat, putting stress on their wheat crop
  • DTN National HRW Wheat Index closed at $5.82


  • Aug LC down 0.025 @ 123.15 & Aug FC down 0.925 @ 157.425
  • Current demand for beef remains strong and may not follow seasonality (beef demand tends to decrease after July 4th)
  • Boxed beef continues to decline and may eventually affect the willingness of packers to pay higher
  • Select cuts down 1.71 and choice cuts down 5.45
  • Cash cattle traded higher yesterday – some reports as much as $4 higher
  • May Cold Storage report showed a decrease of 8% of beef inventory from April
  • Cattle slaughter projected at 121K


  • Jul hogs down 3.00 @ 104.525 & Jul pork cutout down 3.975 @ 111.825
  • Traders are cautious about the strength in cash
  • Record decline of $12.93 in pork cutout price yesterday
  • Court ruling to slow the slaughter pace at some major packing plants is set to begin July 1
  • May Cold Storage report showed pork supplies 1% higher than April
  • Hog slaughter projected at 473K


Brandon Doherty

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