TFM Midday Update 07-05-2022

Provided by Stewart-Peterson Inc.



  • Sep corn down 27 @ 5.93
  • Northwest and north-central Corn Belt received scattered rain over the weekend
  • Heavy rains expected later this week in Ohio and Iowa
  • Brazil’s corn crop is reportedly 31% harvested and its crop production is estimated at 117.2 mmt
  • September corn on China’s Dalian Exchange is around the equivalent of $10.23 per bushel (at the lowest level in 5 months)


  • Sep soybeans down 58 @ 13.59
  • Rumors that China canceled US soybean purchases on Friday sent the soybean market sharply lower
  • September soybeans on China’s Dalian Exchange are around the equivalent of $18.80 per bushel (at the lowest level in 4 months)
  • Recession talk is pressuring the soybean complex
  • Indonesia increased export quotas of palm oil, leading to lower prices and weighing on soybean oil


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  • Sep wheat down 26 @ 8.20, Sep KC down 35 @ 8.78, & Sep MNPLS down 35 @ 9.13
  • GASC in Egypt is negotiating directly with firms for wheat purchases for delivery in Sep/Oct (this will bypass the usual tender process)
  • Recent rains have benefitted the western Canadian prairies
  • The Ukraine war continues with reports that Russia has captured another city in eastern Ukraine, but prices are near pre-war levels
  • Russian wheat production is still estimated (by the USDA) at a record high 81.0 mmt


  • Aug LC down 1.025 @ 133.575 & Aug FC down 0.850 @ 173.650
  • August live cattle are at a discount to cash
  • Declining boxed beef prices reflect the impact of inflation
  • Packers have some cattle purchased ahead for the next couple weeks
  • Choice cuts down 0.18 and select down 0.10
  • Cattle slaughter projected at 126K
  • CME Feeder Cattle Index for 7/1: down 0.77 @ 165.67


  • Jul hogs up 1.550 @ 111.150 & Jul pork cutout up 0.425 @ 111.175
  • Packers may need to be a little more aggressive this week as hog supplies are not plentiful
  • Slower slaughter pace is a concern as inflation becomes more of an issue for consumers and reduces demand
  • National Direct Afternoon report declined 4.69
  • Hog slaughter projected at 467K
  • CME Lean Hog Index for 7/5: down 0.14 @ 110.70


Brandon Doherty

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