TFM Midday Update 11-15-2022

Provided by Stewart-Peterson Inc.


  • Dec corn up 2 @ 6.58
  • Corn has reversed and is now trading higher after spending most of the morning trading lower by about 4 cents
  • Futures have been consolidating and may be nearing a technical break out
  • Total export inspections yesterday were poor at 19.1 mb which was well below the 43.6 mb needed to meet the USDA’s forecast, and total inspections are down 29.5% from last year
  • Friday’s CFTC data showed funds as sellers of 34,298 contracts decreasing their net long position to 237,662 contracts


  • Jan soybeans up 3 @ 14.43
  • Soybeans turned around as well and are now trading higher after being around 5 cents lower this morning
  • Crude oil has turned positive and is helping bean oil which is trading higher along with meal
  • Export demand has shown sign of slowing but there as a flash sale reported this morning of 261,272 mt to Mexico for the 22/23 marketing year
  • Friday’s CFTC report showed funds as buyers of 2,570 contracts increasing their net long position to 103,908 contracts

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  • Dec wheat down 12 @ 8.07, Dec KC down 4 @ 9.52, & Dec MNPLS down 1 @ 9.62
  • Wheat is the only grain product trading lower as it seems more likely that the Ukrainian export deal will be continued
  • Iraq bought 200,000 mt of US HRS wheat yesterday out of the PNW
  • Yesterday’s export inspections were a marketing year low at 2.8 mb, well below the 13.1 mb needed each week to meet the USDA’s forecast
  • Friday’s CFTC report showed funds as sellers adding 5,753 contracts onto their already net short position and bringing it to 42,902 contracts


  • Dec LC up 0.400 @ 151.975 & Nov FC down 0.650 @ 176.300
  • Live cattle are higher while feeders are lower as grains reverse course and trade higher
  • Asking prices in the South have begun to crop up between 151 and 152, which would be between 1 and 2 dollars higher than last week
  • Friday’s CoT report showed funds as sellers of live cattle by 3,867 contracts reducing their net long position to 62,181 contracts
  • Choice cuts down 0.96 and select down 2.06
  • Cattle slaughter projected at 129K
  • CME Feeder Cattle Index for 11/14: down 0.23 @ 175.23


  • Dec hogs up 0.300 @ 845.150 & Dec pork cutout up 0.400 @ 96.075
  • Hogs are trading higher following positive news coming from the meeting between Presidents Biden and Xi Jinping which may improve relationships
  • Cash is expected higher today but fell yesterday and the cutout saw a drop of 1.44
  • Friday’s CoT showed funds as net sellers of hogs by 5,054 contracts reducing their net long position to 54,514 contracts
  • National Direct Afternoon report fell 1.26
  • Hog slaughter projected at 492K
  • CME Lean Hog Index for 11/15: up 0.02 @ 88.65


Amanda Brill

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