TFM Midday Update 07-26-2022 - Total Farm Marketing by Stewart-Peterson

Provided by Stewart-Peterson Inc.

CORN

Sep corn up 13 @ 5.93
Corn inspections were pegged at 28.5 mb with total 21/22 inspections now at 2.009 bb
Corn crop rated 61% good to excellent (down 3%)
61% of the crop is pollinated vs 76% average (the crop is about a week behind normal growth)
The Brazilian government is trying to open exports to China earlier than anticipated
The Fed meets this week and may raise rates as much as 75 basis points
Europe’s crop may be lower due to heat and dry weather

Sep soybeans up 18 @ 13.74
Soybean inspections were pegged at 14.3 mb with total 21/22 inspections now at 1.947 bb
Soybean crop rated 59% good to excellent (down 2%)
The 6-10 day forecast calls for above normal temperatures and below normal precipitation for much of the Midwest
Rumors of China buying 25 cargoes of soybeans last week from Brazil

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Sep wheat up 28 @ 7.98, Sep KC up 27 @ 8.67, & Sep MNPLS up 34 @ 9.18
Wheat inspections were pegged at 17.5 mb with total 22/23 inspections now at 95 mb
US winter wheat harvest 77% complete
Spring wheat rated 68% good to excellent (down 3%)
Russians bombed Ukraine ports south of Mykolaiv (but this is not one of the ports in the deal they signed)
The Wheat Quality Council’s spring wheat tour is this week

Aug hogs down 0.325 @ 116.900 & Aug pork cutout up 0.100 @ 123.750
Slaughter pace is running slower than last year which may mean more hogs available to the market
Cutouts have shown continued strength which indicates good demand
Cutouts up 1.85 were offset by lower cash
National Direct afternoon report declined 1.29
Hog slaughter projected at 466K
CME Lean Hog Index for 7/26: up 0.91 @ 119.13

Brandon Doherty