TFM Midday Update 09-22-2022

Provided by Stewart-Peterson Inc.


  • Dec corn up 2 @ 6.88
  • Corn is now slightly higher after dropping on the open after export sales were released and were disappointing
  • Net sales of 182,300 in corn for 22/23 primarily to Japan, Egypt, and Columbia, and exports of 563,000 mt primarily to Mexico, China, and Japan
  • The US Dollar Index is continuing to climb and putting pressure on most commodities after the Fed announced another 75-basis point hike yesterday to fight inflation
  • Both Ukrainian and South American offers of corn are cheaper than the US cutting into export business
  • Private exporters reported sales of 105,000 mt of corn for delivery to Mexico during the 22/23 marketing year, and sales of 101,600 mt to unknown destinations for 22/23


  • Nov soybeans down 2 @ 14.59
  • Soybeans are lower this morning after average net export sales numbers as all the Argentinian soybeans that were dumped on the market cut into US export business
  • Net soybean sales of 445,400 mt for 22/23 were primarily to Egypt, China, and Mexico, while exports of 522,500 mt were primarily to China, Mexico, and Japan
  • Soybean prices on the Dalian exchange are up 1.5% to the equivalent of $20.51 a bushel as demand for beans continues its strength in the country as lockdowns begin to lift
  • Crude oil is higher supporting bean oil while meal and soybeans are lower


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  • Dec wheat up 6 @ 9.10, Dec KC up 11 @ 9.78, & Dec MNPLS up 6 @ 9.70
  • Wheat is higher today as tensions escalate between Russia and Ukraine and Russia threatens the use of nuclear weapons and plans to annex parts of Ukraine
  • It is very unlikely at this point that Putin renews the grain deal allowing Ukraine to export out of the Black Sea
  • The uncertainties due to the war in Ukraine are poising wheat to break out of its near two-month sideways trading range
  • Net wheat sales of 183,500 mt for 22/23 were primarily to Indonesia, China, and Columbia, and exports of 678,200 mt were primarily to China, Japan, and Indonesia


  • Oct LC down 0.575 @ 145.300 Sep FC up 0.475 @ 178.650
  • Both live and feeder cattle are lower as the dollar continues higher
  • Export sales were quiet with net sales of 15,200 mt for 2022 primarily to China, Japan, and South Korea, and exports of 18,600 mt
  • Tomorrow’s Cattle on Feed report is likely putting some pressure on futures, and lower boxed beef has not been helpful either
  • Choice cuts down 2.51 and select up 1.09
  • Cattle slaughter projected at 127K
  • CME Feeder Cattle Index for 9/21: down 0.10 @ 178.10


  • Oct hogs up 0.500 @ 94.925 & Oct pork cutout up 0.350 @ 103.725
  • Hogs are now only modestly higher after dropping hard on the open but now moving higher
  • The cutouts fell by 4.60 in a bearish move while cash was nearly a dollar higher
  • Net sales of pork were 29,000 mt for 2022 and were primarily to Mexico, Canada, and Japan, while exports were 18,600 mt
  • National Direct Afternoon report rose 0.98
  • Hog slaughter projected at 482K
  • CME Lean Hog Index for 9/22: fell 0.40 @ 97.96


Amanda Brill

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