TFM Midday Update 11-18-2021


  • Dec corn down 1 @ 5.74
  • USDA reported an increase of 35.6 million bushels of corn export sales
  • Corn was a follower of soybeans in yesterday’s rally
  • Ethanol production suggests that the USDA may be 100 mb too low for their corn usage numbers
  • Ethanol weekly production showed an increase of 21,000 barrels per day
  • Argentina is becoming drier, but conditions in Brazil are still favorable
  • There is snow today in parts of the northern Midwest


  • January soybeans down 2 @ 12.75
  • USDA reported an increase of 50.8 million bushels of soybean export sales
  • Yesterday we saw speculative / fund buying in soybeans
  • There is talk that China is short of soybeans and needs to buy from the US
  • There is resistance around the $13 level for nearby contracts – trading over that would be supportive to the market
  • 132,000 metric tons of US soybeans were sold to China
  • 30,000 metric tons of US soybean oil were sold to India


  • Dec wheat up 10 @ 8.32, Dec KC up 5 @ 8.39, Dec MNPLS up 6 @ 10.33
  • USDA reported an increase of 14.7 million bushels of wheat export sales
  • Eastern Australia will get more rain – there is already concern about wheat quality in that area due to wet conditions
  • Egypt bought wheat at $7 per ton higher than their previous purchase
  • World buyers need wheat but are going hand to mouth buying only what they need
  • Paris milling wheat futures made new all-time highs today


  • Dec cattle up 0.525 @ 132.750 & Jan FC up 0.525 @ 159.450
  • Cattle on Feed report due for release tomorrow afternoon
  • US cattle on feed placements expected to rise 2-3%
  • Cattle futures continue in a sideways trading pattern
  • Choice cuts down 3.66 and select down 2.53
  • Cattle slaughter projected at 122K
  • CME Feeder Cattle Index for 11/17: down 0.01 @ 155.48


  • Dec hogs down 1.075 @ 75.100 & Dec pork cutouts down 1.875 @ 91.350
  • There is still a small gap on the charts above current levels in the Feb contract – may need to be filled
  • Cash has not been supportive to futures
  • Finding hogs has still not been difficult for packers
  • National Direct Afternoon report declined 0.86
  • Hog slaughter projected at 485K
  • CME Lean Hog Index for 11/18: down 0.05 @ 76.28



Brandon Doherty

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