TFM Midday Update 09-07-2022

Provided by Stewart-Peterson Inc.


  • Dec corn up 4 @ 6.79
  • Corn is continuing to move higher as the September USDA WASDE report approaches, with some private analysts pegging corn yields below 170 bpa
  • The USDA reported today that 257,000 tons of corn were sold to Mexico with 226,920 mt for delivery in 22/23 and 30,480 mt for 23/24
  • Corn conditions were unchanged at just 54% good-to-excellent, the worst since 2012, with 63% of the crop denting and only 15% mature which is under the 18% average


  • Nov soybeans up 12 @ 14.10
  • Soybeans are moving higher today after closing below their 5-day moving average today and remain in their pennant formation
  • Crude oil and palm oil have plunged today bringing soybean oil lower, but meal is posting impressive gains and keeping soybeans afloat
  • China’s economic problems are a continued concern with their growth for the first half of 2022 reportedly below 2.5%, well below their target of 5.5%
  • Soybean conditions were unchanged at 57% goo-to-excellent, with 94% setting pods, and 10% dropping leaves


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  • Dec wheat up 41 @ 8.57, Dec KC up 34 @ 9.16, & Dec MNPLS up 28 @ 9.17
  • Wheat is sharply higher following Putin’s statement that the Ukrainian grain deal is now “under review” and may not be allowed to continue because he does not approve of which countries are receiving shipments and which aren’t
  • Russia has continued to shell the area around the nuclear power plant causing it to be disconnected from the grid again yesterday and had to run on generators prompting a warning from the UN about the potential for a catastrophic leak of radiation
  • Spring wheat harvest in the US is 71% complete, while winter wheat planting is just beginning


  • Oct LC down 0.075 @ 144.975 & Sep FC down 1.700 @ 182.475
  • Live cattle are relatively unchanged to lower, while feeders are lower with higher corn
  • Cash trade is not yet established but asking prices in the South are between 143-144
  • Boxed beef has moved higher and may provide more incentive to the packer to bid up for cattle
  • Choice cuts up 1.05 and select up 0.72
  • Cattle slaughter projected at 126K
  • CME Feeder Cattle Index for 9/6: down 1.67 @ 179.58


  • Oct hogs up 0.350 @ 91.425 & Oct pork cutout up 0.375 @ 102.250
  • Hogs are moving higher after a rise in cash and a jump in the cutout of 2.08, with bellies rising by 17.94, showing an increase in demand
  • Now that October has closed its chart gap, technical traders may be more encouraged to buy
  • National Direct Afternoon report rose 0.62
  • Hog slaughter projected at 479K
  • CME Lean Hog Index for 9/7: down 1.48 @ 103.26


Amanda Brill

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