TFM Midday Update 10-24-2022

Provided by Stewart-Peterson Inc.


  • Dec corn down 2 @ 6.82
  • National corn basis remains at the strongest level in 10 years
  • Mississippi River water levels could hit new record lows in the coming weeks
  • Brazil early planting conditions remain mostly favorable
  • Talk that the Fed may be slower in raising interest rates and inflation may be starting to peak
  • French corn harvest is said to be 92% complete


  • Nov soybeans down 17 @ 13.78
  • Soybean crush value exceeded the cost of soybeans by $3.63 last week based on Jan futures
  • USDA is estimating at 5.58 bb Brazil soybean crop
  • China’s President Xi Jinping will continue with another 5 year term and there is concern of increased political tensions between the US and China
  • January soybeans on China’s Dalian exchange are around the equivalent of $20.73 per bushel
  • Brazilian soybean planting in Mato Grosso is said to be 67% complete


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  • Dec wheat down 8 @ 8.43, Dec KC down 9 @ 9.39, & Dec MNPLS down 4 @ 9.58
  • Putin is said to be intentionally delaying the exit of vessels from Istanbul
  • There is still much uncertainty over the Ukraine export corridor
  • Texas, Oklahoma, and parts of Kansas are receiving beneficial rains
  • US wheat is still at a premium to other world exporters
  • Turkey purchased 460,000 mt of milling wheat (Russia is believed to be the origin)


  • Dec LC up 1.125 @ 153.550 & Nov FC up 0.950 @ 179.300
  • Friday cash trade in the north was $4.00 higher
  • Feedlots are likely to hold out for higher cash this week
  • Cattle on Feed report was neutral to friendly
  • Live cattle futures are overbought
  • Choice cuts up 0.09 and select up 2.28
  • Cattle slaughter projected at 125K
  • CME Feeder Cattle Index for 10/21: up 0.17 @ 172.94


  • Dec hogs down 0.500 @ 88.625 & Dec pork cutout down 0.375 @ 97.97.625
  • Last week Dec futures gained 6.88 and Feb gained 7.10
  • Strong slaughter pace is an indication of good demand
  • Cold storage report released today (expectations are for lower than last year)
  • National Direct Afternoon report declined 5.85
  • Hog slaughter projected at 488K
  • CME lean Hog Index for 10/24: up 0.29 @ 94.05


Brandon Doherty

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