TFM Midday Update 08-03-2022

Provided by Stewart-Peterson Inc.

CORN

Sep corn down 4 @ 5.88
Corn was higher on the open, but has faded despite Stone X and other analysts reducing the corn yield down between 174 and 176 bpa from the USDA’s estimate of 177 bpa
The first ship carrying Ukrainian corn is moving to Lebanon after an inspection in Turkey, and Ukrainian officials say that there are 17 more vessel waiting and already loaded
The western Corn Belt is still forecast to be hot and dry, while the eastern Midwest should receive decent moisture over the next few days

Sep soybeans down 16 @ 14.00
Soybeans are lowering after trading positive early this morning, as crude falls and tensions with China remain as they ramp up military drills
Today, OPEC will make an announcement regarding their intended production levels in September, while their actual production has been trailing their advertised levels
Stone X came out with revised yields for soybeans at 51.3 bpa, lower than USDA estimates
Front month soybean oil is the only soy product higher, and crush margins remain strong, which should be an incentive to soybean processors

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Sep wheat down 16 @ 7.59, Sep KC down 14 @ 8.28, & Sep MNPLS down 3 @ 8.70
Wheat is lower after the first Ukrainian ship to leave the country with grain is nearing its destination, and Turkey has said that as many as three vessels per day will be allowed to leave Ukrainian ports
Yesterday, some storms moved across eastern South Dakota and into Minnesota, bringing some needed rain
Wheat prices are trading near their lowest prices in six months and are struggling to find support despite tight supplies for 22/23

Aug LC up 1.625 @ 138.225 & Aug FC up 1.175 @ 179.300
Both live and feeder cattle are higher today as cash remains steady and corn shows weakness
Light cash trade took place in the South yesterday around 135, steady with last week, with asking prices between 136 and 137, but not yet established in the North
Beef cutouts are lower with light to moderate box movement
Choice cuts down 2.14 and select down 1.35
Cattle slaughter projected at 125K
CME Feeder Cattle Index for 8/2: down 0.34 @ 174.40

Aug hogs up 1.175 @ 121.050 & Aug pork cutout up 1.275 @ 127.000
Front month hogs are higher, while deferred months are down after a good jump in cash
Cutouts were strong with a gain of 3.32 supported by a gain in bellies of 26.57
The packers are expected to bid up for hogs again today as strong demand boosts the cutouts
National Direct Afternoon report rose 5.19
Hog slaughter projected at 469K
CME Lean Hog Index for 8/3: down 0.30 @ 121.57

Amanda Brill