TFM Midday Update 10-25-2022

Provided by Stewart-Peterson Inc.

CORN

  • Dec corn up 5 @ 6.86
  • Weekly corn inspections at 18.5 mb, with total 22/23 inspections now at 148 mb
  • Corn harvest is 61% complete (vs 52% average)
  • December corn has been stuck in a sideways pattern since the beginning of September
  • Corn export commitments are down 52% from last year
  • Backups in the Mississippi river are preventing grain from getting to the Gulf

SOYBEANS

  • Nov soybeans up 13 @ 13.85
  • Weekly soybean inspections at 106.1 mb, with total 22/23 inspections now at 279 mb
  • 80 mb of that weekly total were destined for China
  • Soybean harvest is 80% complete (vs 67% average)
  • The Chinese Yuan is at a 15 year low following the reinstatement of president Xi Jinping
  • Storms from Oklahoma to Illinois will delay harvest activity
  • Brazil weather is favorable with rains on the forecast

 

Like what you’re reading?

Sign up for our other free daily TFM Market Updates and stay in the know!

 

WHEAT

  • Dec wheat down 5 @ 8.34, Dec KC down 8 @ 9.30, & Dec MNPLS down 8 @ 9.50
  • Weekly wheat inspections at 4.6 mb, with total 22/23 inspections now at 349 mb
  • Winter wheat is 79% planted (vs 78% average)
  • 49% of winter wheat is emerged (vs 56% average)
  • Most HRW areas remain dry, despite recent rains in Kansas and Oklahoma
  • The Turkish president is leaning towards the Ukraine export deal being renewed, but Russia may require more compromises before allowing this
  • Ag Attaché in Australia estimates their wheat crop at 34 mmt (up 1 mmt vs the USDA)

CATTLE

  • Dec LC down 0.800 @ 153.325 & Nov FC down 0.350 @ 178.800
  • Oct-Feb live cattle futures made new contract highs
  • Packers will need to remain aggressive in the cash market to maintain chain speeds
  • Cattle futures are technically overbought which could mean a top is near
  • Beef in cold storage totaled 522.9 million pounds
  • Choice cuts up 4.21 and select up 1.25
  • Cattle slaughter projected at 127K
  • CME Feeder Cattle Index for 10/24: up 0.68 @ 173.62

HOGS

  • Dec hogs up 0.575 @ 88.500 & Dec pork cutout up 0.075 @ 97.825
  • Futures took a breather yesterday after a strong run up
  • Packers expected to be aggressive today to acquire supply for the week
  • Hog futures have become overbought and may be due for a correction
  • Pork in cold storage totaled 537.9 million pounds
  • National Direct Afternoon report increased 0.29
  • Hog slaughter projected at 490K
  • CME Lean Hog Index for 10/25: up 0.62 @ 94.67

Author

Brandon Doherty

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

back to TFM Market Updates