TFM Midday Update 11-04-2022

Provided by Stewart-Peterson Inc.


  • Dec corn up 1 @ 6.80
  • Corn is trading only slightly higher this morning after finding support at the 6.80 level and remaining steadily in its 20-cent range
  • Weekly export sales were poor and only increased by only 14.7 mb vs the 35 mb needed weekly to meet the USDA’s projection
  • Total commitments of 406.3 mb are down 53% from a year ago and account for only 18.8% of the USDA’s current export projection
  • China has approved over 100 facilities in Brazil for exporting corn


  • Nov soybeans up 22 @ 14.49
  • The entire soy complex is again making a strong move higher as both meal and bean oil post 1% gains, and soybeans up around 50 cents on the week
  • Board crush spreads are at contract highs and also the highest levels on record which is significantly driving soybeans higher
  • Crude oil has broken above 90 dollars a barrel and is also offering strength the bean market
  • Weekly export sales were decent, but the concern is that China will only buy what is completely necessary from the US


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  • Dec wheat up 4 @ 8.45, Dec KC up 7 @ 9.49, & Dec MNPLS up 11 @ 9.54
  • Wheat is trading higher but has been extremely volatile as the situation with Ukraine’s grain exports is very much up in the air
  • Australian wheat has been severely downgraded after extensive rains leave the crop waterlogged and potentially only feed quality
  • With Australia, production issues in Argentina, and poor conditions in the US Southern Plains, wheat supplies will remain tight globally
  • The deadline for Russia to extend the Ukraine grain deal is on November 18


  • Dec LC up 0.025 @ 151.975 & Nov FC up 0.700 @ 178.700
  • Live cattle are trading unchanged to slightly higher while feeders are higher with corn slipping
  • Cash in the South traded steady with last week while Northern deals were done around 2 dollars higher, but not enough to meet trades expectations
  • Weights are starting to increase which may slow the pace of slaughter
  • Choice cuts up 1.71 and select down 0.10
  • Cattle slaughter projected at 117K
  • CME Feeder Cattle Index for 11/3: up 0.34 @ 177.63


  • Dec hogs down 0.425 @ 82.900 & Dec pork cutout down 0.375 @ 93.625
  • Hog futures are lower this morning with lower cash but a minor gain in the cutout of 0.13
  • Hog weights are currently 5.6 pounds below this time of year usually as hogs get pulled forward to meet packer needs
  • Expert sales of 47,900 mt were strong last week and China was the second largest buyer
  • National Direct Afternoon report down 3.36
  • Hog slaughter projected at 486K
  • CME Lean Hog Index for 11/4: down 0.95 @ 92.34


Amanda Brill

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