TFM Midday Update 11-14-2022

Provided by Stewart-Peterson Inc.


  • Dec corn UNCH @ 6.58
  • December corn is trading slightly higher this morning while deferred months are about a penny lower
  • Trade is quiet due to a delay in this morning’s export inspections report
  • Export sales remain the biggest concern right now, but strong demand for feed and ethanol have kept prices supported
  • Crop conditions in Brazil got off to a good start but now face drier conditions in both southern Brazil and Argentina which has already been dealing with drought


  • Jan soybeans down 13@ 14.37
  • Soybeans are trading lower but have recovered a bit from pre-market lows where prices were down as much as 12 cents
  • China is reportedly making more lenient changed to the zero-Covid policies but at the same time is dealing with higher infection rates in Beijing and other major cities
  • Today Presidents Biden and Xi Jinping will meet at the G20 meeting, but its not clear what they will discuss
  • Crush margins remain historically high, but bean oil is being pressured lower by lower crude oil

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  • Dec wheat up 8 @ 8.22Dec KC up 16 @ 9.59, & Dec MNPLS up 18 @ 9.63
  • Wheat is trading higher as this morning’s weather forecast has snow moving into Kansas and the Texas Panhandle and may stress the winter wheat crop which is already in bad shape
  • Russia is expected to eventually announce a continuation of the Ukrainian grain deal at some point this week, but the war keeps escalating
  • With the US wheat crop rated poorly, Ukraine’s crop limited due to the war, and Australia’s crop dealing with flooding, global wheat supplies look to remain tight
  • Argentina’s wheat crop has suffered from drought and has only an 8% good-to-excellent rating


  • Dec LC UNCH @ 151.525 Nov FC down 0.150 @ 176.800
  • Dec live cattle are higher while deferred months are trading higher and feeder cattle are trading higher
  • Cash traded steady last week with averages of 150 in the South and 242 in the North
  • The drop in boxed beef and the upcoming Cattle on Feed report is keeping traders guessing for now
  • Choice cuts down 4.33 and select down 1.56
  • Cattle slaughter projected at 127K
  • CME Feeder Cattle Index for 11/11: down 0.05 @ 175.46


  • Dec hogs up 0.500 @ 84.850 & Dec pork cutout up 1.200 @ 96.100
  • Hog futures are higher this morning following an increase in cash and a jump in the cutout of 1.46
  • The strength of slaughter pace indicated good end of year demand that will keep the market current and weights down
  • Cash will likely trade lower today as packers assess their needs
  • National Direct Afternoon report rose 0.11
  • Hog slaughter projected at 490K
  • CME Lean Hog Index for 11/14: down 0.33 @ 88.63


Amanda Brill

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