TFM Midday Update 11-11-2022

Provided by Stewart-Peterson Inc.


  • Dec corn up 4 @ 6.57
  • CPI data yesterday was still high but lower than expected
  • US corn export commitments are running 54% behind a year ago
  • Europe’s corn crop could be down by 20 mmt – their imports to date are up 7 mmt from last year
  • Next week, Mississippi River water levels may get temporary help from tropical storm Nicole
  • Early conditions are mostly favorable in Brazil right now but may be drier next week
  • Ukraine corn is said to be 39% harvested (30% slower than last year)


  • Jan soybeans up 31 @ 14.54
  • In Brazil, there are protests on their recent presidential election
  • Argentina’s government could announce another soy peso deal which halted farmer selling (they may wait for a more favorable exchange rate)
  • China still may need to purchase 2-4 mmt of soybeans for January
  • November soybean futures expire on Monday
  • According to the Wall Street Journal, China may begin to ease the Zero-Covid policy restrictions to benefit their economy

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  • Dec wheat up 10 @ 8.13Dec KC up 12 @ 9.37, & Dec MNPLS up 12 @ 9.44
  • US Dollar Index is sharply lower again today
  • There is a meeting in Geneva today between Russia and Ukraine to discuss an extension of the Black Sea export corridor
  • Putin will not attend the G20 meeting but could make an announcement regarding the export deal at that time
  • The Rosario Grain Exchange lowered their projection of Argentina’s wheat crop to 11.8 mmt (vs the USDA’s 15.5 mmt)
  • Subfreezing temperatures in the western Plains may harm winter wheat crops without snow cover


  • Dec LC down 0.575 @ 152.500 & Nov FC down 1.475 @ 177.150
  • Lower corn futures helped feeder cattle rally yesterday
  • Anticipation for stronger cash has not happened this week with steady trade in the north and south
  • Strong international demand indicated by positive weekly export sales
  • Choice cuts down 1.40 and select up 1.61
  • Cattle slaughter projected at 118K
  • CME Feeder Cattle Index for 11/10: down 0.79 @ 175.51


  • Dec hogs down 0.775 @ 84.100 & Dec pork cutout down 0.850 @ 94.650
  • Poor weekly export sales were unsupportive but China has been purchasing pork on a weekly basis
  • Hogs are being pulled forward with decreasing weights (down 6.6 pounds from last year)
  • Higher cutouts were offset by lower cash
  • National Direct Afternoon report declined 2.47
  • Hog slaughter projected at 449K
  • CME Lean Hog Index for 11/11: down 0.50 @ 88.96


Brandon Doherty

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