TFM Midday Update 12-01-2021


  • Dec corn up 6 @ 5.73
  • Market is trying to rebound from losses yesterday
  • NOAA 30 day US forecast calls for warmer and drier conditions
  • Ethanol margins continue to be strong
  • Ukraine and Argentina prices are cheaper than the US, which is affecting our export demand
  • January corn on China’s Dalian exchange is around the equivalent of $10.55 per bushel


  • January soybeans up 8 @ 12.25
  • Concern that the Dec 9th USDA report may lower export numbers and raise carryout
  • Brazil soybeans are a little bit cheaper for export to China (vs the US) from now until February
  • Argentina and southern Brazil could get some dryness as La Nina kicks in
  • Recovery in crude is helping veg oil markets


  • Dec wheat up 6 @ 7.80, Dec KC down 8 @ 8.11Dec MNPLS up 2 @ 10.22
  • Matif and Black Sea futures didn’t show as much weakness as US futures – Europe has declining stocks due to a large increase in exports
  • Forecast for the US southern plains remains dry for HRW wheat
  • Eastern Australian wheat regions are expected to get more rains this coming weekend
  • Ethiopia is tendering for 14.7 mb of wheat


  • Dec cattle up 1.000 @ 136.875 & Jan FC up 0.500 @ 165.350
  • Yesterday we saw long liquidation – cattle on the recovery today
  • It could be argued that the market was overbought and already due for a correction
  • Demand should remain strong despite virus news
  • Choice cuts down 5.90 and select down 1.73
  • Cattle slaughter projected at 122K
  • CME Feeder Cattle Index for 11/30: up 1.17 @ 162.46


  • Dec hogs up 0.350 @ 72.725 Dec pork cutouts down 0.525 @ 87.850
  • Reports of an African Swine Fever outbreak in Vietnam
  • There have been ample supplies of hogs to the market
  • National Direct Afternoon report gained 1.45
  • Hog slaughter projected at 483K
  • CME Lean Hog Index for 12/1: down 0.56 @ 70.04


Brandon Doherty

Sign up to get daily TFM Market Updates straight to your email!

back to TFM Market Updates