TFM Midday Update 08-10-2022

Provided by Stewart-Peterson Inc.


  • Sep corn up 11 @ 6.26
  • Corn is moving higher again following the drop in crop conditions and expectations for lower yields on Friday’s USDA report
  • 16% of the corn crop is rated poor-to-very poor, with most of the poor corn in areas of the western Corn Belt and southern Plains that has suffered the most with heat and dryness
  • The forecast over the next four days shows temperatures in the 90’s and 100’s in Kansas, Nebraska, Missouri, and southern Iowa
  • CPI data came in at 8.5%, down from 9.1% in June and is giving a boost to the grain complex


  • Sep soybeans up 39 @ 15.51
  • August soybeans gapped higher this morning as meal continues to rally and reached new contract highs
  • Demand is strong for soybean meal and crush value reflects product values at 2.76 above soybean futures driving August soybeans to new highs
  • Private exporters reported another sale of 196,000 mt of soybeans for delivery to China during the 22/23 marketing year even as tensions over Taiwan loom


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  • Sep wheat up 17 @ 7.99, Sep KC up 18 @ 8.70, & Sep MNPLS up 15 @ 9.08
  • All three wheat products are higher with Chicago headed for a third consecutive higher close following a hot and dry forecast in the Pacific northwest and a drop in crop ratings
  • At least 12 ships have left from Black Sea ports since the agreement was brokered and total exports from Ukraine are reportedly 2.66 mmt, up 22.7% from June
  • So far, 412,000 mt of wheat, 183,000 mt of barley, 362,000 mt of sunseed products, and 1.1 mmt of corn have left Ukraine


  • Aug LC up 0.775 @ 138.750 & Aug FC up 0.750 @ 179.550
  • Both live and feeder cattle are higher with higher corn and asking prices in the South firm between 138 and 140, but still not established in the North
  • Expectations are that packers will need to pay 1 to 2 dollars more this week, which would put futures in line with spot prices
  • The hot weather has subsided in many areas, which should improve cattle performance and increase weights
  • Choice cuts down 1.51 and select down 1.16
  • Cattle slaughter projected at 125K
  • CME Feeder Cattle Index for 8/9: up 1.09 @ 176.40


  • Aug hogs up 0.025 @ 122.225 Aug pork cutout down 0.175 @ 124.500
  • Hogs are higher this morning with Oct outpacing front month Aug, which is at a whopping 22-dollar discount as first notice approaches
  • The higher move in futures follows a large jump in cash, but a decline in the cutout of 0.21
  • Slaughter pace has been slowly increasing, while hog weights rise to become in line with a year ago
  • National Direct Afternoon report rose 8.29
  • Hog slaughter projected at 470K
  • CME Lean Hog Index for 8/10: up 0.33 @ 122.25


Amanda Brill

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