TFM Midday Update 07-20-2022

Provided by Stewart-Peterson Inc.



  • Sep corn down 5 @ 5.92
  • Corn is only slightly lower this morning and is recovering from its lows as forecasts now show an increased chance of rain across the Corn Belt in the next 6 to 14-week period
  • The eastern Corn Belt looks better by contrast to the western, which will remain hot and dry as far North as Nebraska
  • China’s modest crop in the northeastern region is in good shape and as a result, September corn on the Dalian exchange fell to the equivalent of 9.83 a bushel, the lowest in 8 months


  • Sep soybeans down 24 @ 13.52
  • The soy complex is lower again today, as crude continues to slip and weather conditions are mixed with Iowa and Illinois looking good, but Nebraska and Missouri hot and dry
  • September palm oil is up 3.2%, but soybean oil is not responding as it trades in sympathy with crude
  • China is experiencing slow economic growth with their restrictive Covid policies, and September soybeans on the Dalian exchange are down 2.4% at the equivalent of 18.79


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  • Sep wheat up 1 @ 8.12, Sep KC down 6 @ 8.63, & Sep MNPLS down 1 @ 9.29
  • Wheat is the only grain relatively unchanged this morning, with the US dollar being lower, and while the western Canadian Plains received some rain, there is not much forecast for the next 7 days
  • Photos have been surfacing of Ukrainian wheat fields on fire in the southern and eastern region as Russian troops continue to encroach
  • All wheat contracts remain oversold and the global wheat supplies may be tight again this upcoming winter


  • Aug LC up 0.450 @ 136.175 & Aug FC up 0.525 @ 179.275
  • Live cattle are up with a nice jump in cutouts, and feeders up as well with lower corn and tight calf supplies
  • Cash trade was light with some in Texas reported at 136, 50 cents lower than last week, but most asking prices between 138-140 in the South, and 230 or higher for northern dressed
  • The steady increase in boxed beef is improving packer margins, which may encourage them to bid up, resulting in higher cash
  • Choice cuts up 2.20 and select up 1.07
  • Cattle slaughter projected at 125K
  • CME Feeder Cattle Index for 7/19: down 0.17 @ 172.50


  • Aug hogs up 2.100 @ 114.925 & Aug pork cutout up 2.150 @ 119.825
  • Hogs are higher with a huge jump in cash that erased the previous day’s losses, and a jump in the cutout of 3.16 showing the strength of demand
  • Slaughter is still lagging as demand grows, and the packer may need to bid up further to replenish their inventories
  • October futures are poised to break above price resistance ,which could increase buying interest
  • National Direct Afternoon report rose 8.03
  • Hog slaughter projected at 461K
  • CME Lean Hog Index for 7/20: up 1.02 @ 115.91


Amanda Brill

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