TFM Midday Update 10-20-2022

Provided by Stewart-Peterson Inc.

CORN

Dec corn up 6 @ 6.84
Corn is higher this morning despite modest export sales, but are likely benefitting from soybeans bullish numbers and positive reaction to them
The US dollar seems to have put a top in for now and is lower again today, giving commodities room to breathe
The USDA reported an increase of 16.1 mb of corn export sales for 22/23, but last week’s export shipments of 16.0 mb were well below the 44.5 needed each week to achieve the USDA’s estimates
Destinations were primarily to Mexico, China, and Honduras

Nov soybeans up 19 @ 13.91
Soybeans are leading the way higher for the grain complex following good export sales and new reported sales activity today, and meal is higher while bean oil is lower
The USDA reported an increase of 85.8 mb of soybean export sales for 22/23 and last week’s export shipments of 69.7 mb were well above the 42.3 mb needed each week
Exports of 1,896,800 mt were primarily to China, Mexico, and the Netherlands
Private exporters reported that 201,000 mt of soybeans were sold to China during the 22/23 marketing year and that 132,000 mt are for delivery to unknown destinations

Like what you’re reading?

Dec wheat up 7 @ 8.48, Dec KC up 7 @ 9.48, & Dec MNPLS up 9 @ 9.62
Wheat is trading higher this morning despite disappointing export sales but uncertainty in the Black Sea region and weather issues are keeping wheat volatile
The USDA reported an increase of 6.0 mb of wheat export sales for 22/23 and last week’s export shipments of 8.9 mb were below the 13.7 mb needed each week
Wheat export commitments are down 8% from a year ago
Exports of 242,600 mt were primarily to Japan, South Korea, and Ecuador

Oct LC up 0.150 @ 149.500 & Oct FC up 0.350 @ 175.600
Front month live cattle are slightly higher, while deferred months and feeders are lower on higher grains and poor export sales
Light cash business in the South took place 2 dollars higher than last week and only a few dressed deals in the North but asking prices at 237
Net sales for beef were 16,000 mt and were primarily to South Korea, Japan, and China, with total exports at 17,600 mt
Choice cuts up 2.61 and select up 0.91
Cattle slaughter projected at 127K
CME Feeder Cattle Index for 10/19: down 0.24 @ 172.27

Dec hogs down 0.725 @ 86.650 & Dec pork cutout UNCH @ 95.200
Hogs are lower this morning despite another round of higher cash for a combined gain of 11.16 between today and yesterday but a decline in the cutout of 1.37
Net export sales for pork were good at 40,800 mt and were primarily to Mexico, Japan, and Australia with total exports at 28,400 mt
Saturday hog slaughter is expected to be at 144,000 head
National Direct Afternoon report rose 3.67
Hog slaughter projected at 490K
CME Lean Hog Index for 10/20: up 0.01 @ 93.20

Amanda Brill