TFM Midday Update 11-22-2022

Happy Thanksgiving from all of us at Total Farm Marketing!
Thursday, November 24, 2022: The CME and Total Farm Marketing offices are closed.
Friday, November 25, 2022: The CME closes at noon, and the Total Farm Marketing office closes at 1:00.

Provided by Stewart-Peterson Inc.


  • Dec corn down 1 @ 6.59
  • Corn is trading modestly higher on an otherwise quiet day ahead of the Thanksgiving holiday without much news for the market to react to
  • Monday’s USDA report of corn processing value in Iowa fell 95 cents last week to 8.85 a bushel due to a drop in ethanol prices
  • Yesterday’s export inspections weren’t bad, but barge traffic through the Mississippi has favored soybeans, and total inspections were 19.5 mb last week
  • US corn exports to China have been quiet as Brazil has been their main supplier with prices 11% cheaper than the US


  • Jan soybeans down 1 @ 14.36
  • Soybeans were trading about 4 cents higher earlier in the day, but reversed and are now slightly lower along with meal, but bean oil remains higher being supported by crude
  • Along with higher crude oil, Feb palm oil gained 3.9% earlier today, which has been a strong source of support for bean oil
  • Low sulfur distillate stocks are down 14% from the previous year, and more bean oil will be needed to stretch diesel supplies, which should keep crush incentives strong
  • Yesterday’s export inspections report was encouraging with 85.6 mb of beans inspected for export, leaving nearly every US port possible with most beans destined for China


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  • Dec wheat down 4 @ 7.96, Dec KC down 3 @ 9.31, & Dec MNPLS down 1 @ 9.47
  • Wheat is lower today as warmer temperatures prevail across the southern US with highs in the 50’s and 60’s from Kansas and Texas to the Atlantic coast
  • The USDA has reported that 32% of the winter wheat crop has been rated good-to-excellent, the lowest in 20 years, and 87% of the crop emerged
  • With the US dollar trading near the highest levels in 20 years, export business remains sluggish with a small amount of wheat inspected for export last week
  • Russia continues to attack Ukraine near their nuclear power plant and many Ukrainians have been left without heat or power as winter arrives


  • Dec LC up 0.075 @ 153.625 Jan FC down 0.675 @ 181.950
  • Live cattle are trading either side of unchanged while feeders are mostly lower with a modest increase in corn
  • Cash business has not been established yet, but higher boxed beef is supportive
  • Friday’s Cattle on Feed report is long term bullish and points to tight cattle supplies down the road, which should support prices in deferred contracts
  • Choice cuts up 0.51 and select up 0.79
  • Cattle slaughter projected at 129K
  • CME Feeder Cattle Index for 11/21: down 0.72 @ 174.64


  • Dec hogs up 0.650 @ 84.450 & Dec pork cutout up 0.425 @ 94.775
  • Hogs are trading higher this morning with a gain in cash and a drop in the cutout of 1.45
  • Packers have been buying hogs earlier in the week to make up for the shortened holiday schedule
  • Hog slaughter has increased and is pulling hogs forward and keeping weights low, which should lead to tighter supplies
  • National Direct Afternoon report rose 0.35
  • Hog slaughter projected at 491K
  • CME Lean Hog Index for 11/22: down 0.80 @ 86.97


Amanda Brill

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