TFM Midday Update 10-26-2022

Provided by Stewart-Peterson Inc.


  • Dec corn up 2 @ 6.88
  • Corn has been stuck in a trading range as the market awaits news regarding the Ukraine export deal
  • Two storm fronts coming this weekend could start to bring showers into the Midwest
  • There is the potential for the railroads to go on strike in November
  • Brazil is offering FOB corn 15% cheaper than US offers for export
  • Brazil October corn exports are estimated at 6.5 mmt (3x the level from last year)


  • Nov soybeans up 13 @ 13.95
  • The Fed continues to talk about raising interest rates until inflation is at 2%
  • Argentina has finally gotten some rains and Brazil is mostly favorable (though central areas are dry)
  • If soybean oil closes higher today, it would be the 7th higher close in 8 days
  • Wuhan, China is said to be on lockdown after the finding of new covid cases
  • The soybean crush value is reported at $3.77 per bushel above the cost of soybeans
  • Soybean planting in Brazil is reported to be 34% complete


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  • Dec wheat up 10 @ 8.45, Dec KC up 10 @ 9.44& Dec MNPLS unchanged @ 9.52
  • ADM CEO believes Russia will extend the Ukraine export deal
  • Recent rains in Oklahoma, Texas, and parts of Kansas have pressured the wheat market
  • Despite recent rains, many HRW areas are still in extreme drought
  • USDA’s FAS reduced their estimate of Argentina’s wheat crop to 15.5 mmt (a 2 mmt decline from the last USDA estimate)


  • Dec LC up 0.125 @ 153.425 & Nov FC up 0.450 @ 178.375
  • Cash expected to trade higher this week
  • Packers need to fill demand, so slaughter pace is brisk
  • Food inflation may impact demand for beef down the road
  • Demand is strong and boxed beef prices gained yesterday
  • Choice cuts up 3.51 and select up 1.74
  • Cattle slaughter projected at 128K
  • CME Feeder Cattle Index for 10/25: up 1.23 @ 174.85


  • Dec hogs up 0.425 @ 88.875 & Dec pork cutout up 0.075 @ 97.600
  • After struggling yesterday, hogs managed a higher close
  • Lower cutouts were not supportive
  • Hog futures have become overbought and may be due for a correction
  • Pork production is expected to increase in the coming months
  • National Direct Afternoon report increased 7.59
  • Hog slaughter projected at 490K
  • CME Lean Hog Index for 10/26: up 0.14 @ 94.81


Brandon Doherty

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