TFM Midday Update 08-27-2021


  • Dec down 1-1/2 @ 5.49-1/4
  • In the southwest Plains, corn is $35/ton cheaper than HRW wheat
  • Good rains overnight across northern Iowa and southern Minnesota
  • The 5.40 area in Dec corn should be supportive
  • Tropical Storm Ida will likely make landfall in the US on Sunday – sending heavy rains to the North and maybe some to the eastern Corn Belt


  • Nov down 10 @ 13.16
  • We are likely seeing concern about demand in soybeans, as well as relatively big numbers coming out of South America for their 2022 crop
  • The 13.00 area in Nov soybean should be supportive
  • US soybean prices are cheap relative to Brazil
  • Yesterday the USDA announced 9.7mb sale of new crop soybeans to China and unknown destinations
  • November soybeans on China’s Dalian exchange today were down to the equivalent of 18.63 / bushel (still near the high for the year)


  • Dec wheat down 3 @ 7.36-1/4,  Dec KC down 1-3/4 @ 7.26-1/2, Dec MNPLS up 4-3/4 @ 9.16-1/4
  • We are trading supply concerns – non-US wheat exporter stocks to usage ratios are record low
  • We would expect the USDA in September to continue to drop the Russian crop
  • On Monday we could see a lower Canada crop when they release their numbers
  • Canada has seen rain over the last week and more expected for the upcoming week, causing harvest challenges
  • The moisture resulting from the incoming tropical storm should benefit next month’s planting conditions of SRW wheat


  • Oct LC down 0.325 @ 129.275 & Sep FC down 0.125 @ 164.325
  • Choice cuts up 0.38 & select up 3.90
  • Boxed beef runs out of momentum ahead of holiday
  • The bullish nature of last Friday’s report has diminished
  • Live cattle futures have fallen over the past 3 days
  • Cattle slaughter projected at 113K


  • Oct hogs up 2.075 @ 89.975 Oct pork cutout up 1.55 @ 102.70
  • Market continues in a sideways pattern
  • Despite choppy trade, the general trend in stochastics shows upward price momentum
  • Thursday’s surge in cutouts may indicate strengthening demand
  • Hog slaughter projected at 467K
  • Packers have been able to obtain sufficient numbers of hogs without being very aggressive


Brandon Doherty

Sign up to get daily TFM Market Updates straight to your email!

back to TFM Market Updates