TFM Midday Update 11-21-2022

Provided by Stewart-Peterson Inc.


  • Dec corn down 7 @ 6.60
  • Corn has broken lower today as the US Dollar Index rises, and light holiday trade this week leaves prices vulnerable to increased volatility
  • Export sales have been a bit of a struggle as Brazil’s prices are currently 11% cheaper than the US for the December month
  • Thursday’s Grain Transportation Report showed 830 barges unloaded in New Orleans the previous week, a 35% increase from the prior week as river levels rise
  • Friday’s CFTC data showed non-commercials as sellers of 60,831 contracts reducing their net long position to 176.831 contracts


  • Jan soybeans up 2 @ 14.30
  • Soybeans have been trading both sides of unchanged but are currently up 2 cents despite another sharp drop in crude oil
  • Crude has fallen nearly 5 dollars a barrel today following Saudi Arabia and other OPEC members reporting that they are considering production increases of up to 500,000 barrels
  • In Brazil, rain is expected in the central region while only light showers are forecast for the southern region and Argentina
  • Friday’s CFTC data showed non-commercials as sellers of 10,943 contracts reducing their net long position to 92,965 contracts

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  • Dec wheat down 5 @ 7.98, Dec KC up 1 @ 9.35, & Dec MNPLS down 5 @ 9.46
  • Wheat is trading lower as the higher dollar puts pressure on grains and non-commercials add to their short positions
  • Russia heavily attacked eastern Ukraine this weekend where much of their winter wheat crop is grown, and more attacks were targeted near the nuclear power plant
  • Several shells fell near reactors at Ukraine’s nuclear plant and a radioactive waste storage facility was damaged, but no radiation leaks were detected
  • Friday’s CFTC data showed funds adding to their net short position by 3,878 contracts to 46,780 contracts short


  • Dec LC up 0.475 @ 153.550 & Jan FC up 1.925 @ 182.675
  • Both live cattle and feeder cattle are higher this morning after a bullish Cattle on Feed report and lower grain prices today
  • On feed numbers were 98% vs 98.3% expected, placements were 94% vs 96.4% expected, and marketed was 101% vs 100.8% expected, the low placements show that the numbers are not out there
  • Friday’s CoT showed funds as sellers of live cattle reducing their net long position by 12,021 contracts to 50,160 contracts
  • Choice cuts down 2.23 and select up 1.09
  • Cattle slaughter projected at 128K
  • CME Feeder Cattle Index for 11/18: down 0.03 @ 175.36


  • Dec hogs down 0.500 @ 83.725 & Dec pork cutout down 0.150 @ 94.575
  • Front month hogs are lower while all deferred contracts are higher thanks to spillover buying from the higher cattle markets
  • Cash fell on Friday but the cutouts gained 0.81, and slaughter was high last week with a big Saturday kill
  • Friday’s CoT report showed funds as buyers of hogs by 1,286 contracts increasing their net long position to 55,800 contracts
  • National Direct Afternoon report fell 1.46
  • Hog slaughter projected at 491K
  • CME Lean Hog Index for 11/21: down 0.37 @ 87.77


Amanda Brill

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