TFM Midday Update 08-08-2022

Provided by Stewart-Peterson Inc.


  • Sep corn up 5 @ 6.15
  • Private exporters reported sales of 105,000 mt of corn for delivery to Italy, and 120 mmt to unknown destinations (both during the 22/23 marketing year)
  • DDG exports during June were at 1.011 mmt, which is up 7.7% from last year
  • French corn conditions are questionable as they struggle with heat and drought – France is estimating their corn crop at 12.36 mmt (vs 15.19 mmt last year)
  • Three more vessels carrying corn left Ukraine on Friday


  • Sep soybeans up 7 @ 14.70
  • Private exporters reported 132,000 mt of soybeans for delivery to China during the 22/23 marketing year
  • The energy bill will help green fuel (soybean oil included)
  • Crude oil continues to slide lower on recession concerns
  • There are rumors of China buying Brazilian soybeans for Aug-Sep
  • China hog futures are down to a one-month low, which could pressure soybeans


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  • Sep wheat up 15 @ 7.91, Sep KC up 12 @ 8.60, & Sep MNPLS up 11 @ 8.98
  • IKAR (Russian consulting firm) has raised their estimate of the Russian wheat crop to 95 mmt (this compares to the USDA at 81.5 mmt)
  • European corn prices have rallied over wheat, which could suggest more wheat feeding
  • Ukraine grain shipments are providing pressure to the wheat market


  • Aug LC up 0.650 @ 138.525 & Aug FC up 1.600 @ 181.125
  • Packers not anticipated to be aggressive this week
  • Overall, cattle have been in an uptrend with anticipation of tighter supply
  • Oct live cattle still have a chart gap above current levels
  • Choice cuts down 1.66 and select down 1.68
  • Cattle slaughter projected at 125K
  • CME Feeder Cattle Index for 8/5: up 1.68 @ 175.43


  • Aug hogs up 0.650 @ 121.475 & Aug pork cutout unchanged @ 125.475
  • August hogs expire on Friday
  • Support is coming from strength in cutouts
  • Demand is holding well
  • National Direct Afternoon report declined 2.76
  • Hog slaughter projected at 457K
  • CME Lean Hog Index for 8/8: up 0.48 @ 122.09


Brandon Doherty

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