TFM Midday Update 11-15-2022

Provided by Stewart-Peterson Inc.

CORN

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