TFM Midday Update 11-07-2022

Provided by Stewart-Peterson Inc.


  • Dec corn down 1 @ 6.80
  • This week the market will respond to midterm elections, the monthly WASDE report, as well as weekly export data, and inflation data
  • Dry conditions in Argentina are offering some support
  • Argentina’s corn planting is 23% done vs 40% average
  • US corn export demand is slow with Ukraine and Brazil at a discount
  • A storm at the end of the week for the upper Midwest may slow remaining harvest


  • Jan soybeans down 7 @ 14.55
  • China announced they will have a zero-tolerance covid policy until 70% of the population is vaccinated
  • Support for beans and meal may be coming from soybean oil, as capacity increases domestically for biofuel
  • Long-term forecasts from NOAA suggest that the issues with low water levels in the Mississippi River could last into spring
  • Palm oil continues to trend higher


Like what you’re reading?

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



  • Dec wheat up 10 @ 8.58, Dec KC up 15 @ 9.68, & Dec MNPLS up 14 @ 9.68
  • Russia wants one of their state banks to have sanctions removed before agreeing to extend the Ukraine export deal beyond November 19
  • The UN may be pushing for Russian sanctions to be lifted to increase exports, help lower global prices, and get food into counties that need it
  • Last week’s initial winter wheat crop ratings were record low for this time of year
  • US wheat exports continue to be slow with Russian prices still well below the US
  • While Australia’s wheat crop could be close to record large, as much as 20% of the crop could be downgraded to feed


  • Dec LC up 0.725 @ 152.375 & Nov FC unchanged @ 177.825
  • Cash was higher last week and there is hope by feedlots for that trend to continue
  • Market ready cattle supplies are tight, but there is concern about demand down the road
  • Food and fuel inflation will likely affect how much consumers are willing to pay
  • Live cattle futures have chart baps above the market
  • Choice cuts down 1.43 and select down 1.16
  • Cattle slaughter projected at 128K
  • CME Feeder Cattle Index for 11/4: down 0.64 @ 176.99


  • Dec hogs up 2.375 @ 85.350 & Dec pork cutout up 1.975 @ 95.850
  • Hogs did not have support from cash or cutouts last week
  • Funds are adding to their long hog positions – the COT report showed an increase of 3,897 contracts to a total net long of 70,110
  • Slaughter pace is slowing due to lower cutouts
  • National Direct Afternoon report declined 0.94
  • Hog slaughter projected at 487K
  • CME Lean Hog Index for 11/7: down 0.89 @ 91.45


Brandon Doherty

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

back to TFM Market Updates