TFM Midday Update 12-01-2022

Provided by Stewart-Peterson Inc.


  • Dec corn down 6 @ 6.56
  • Corn is trading lower with disappointing export sales from last week and a flash sale to Mexico of 114,300 mt for the 22/23 marketing year
  • Yesterday Jerome Powell signaled that rate hikes would likely be implemented in smaller increments as inflation begins to slow, and as a result the dollar is at its lowest levels in 4 months
  • The USDA reported 23.7 mb of corn sold for export last week and 13.6 mb shipped, and so far for 22/23 export commitments are down 48% and shipments down 40% from a year ago
  • Brazil is getting the bulk of export business in corn with prices about 11% cheaper than the US


  • Jan soybeans down 36 @ 14.33
  • Soybeans are sharply lower despite crude oil being up 2.50 a barrel as bean oil falls apart today thanks to Russia
  • Russia and Ukraine have been aggressively offering sunflower oil at a steep discount to soybean oil in which the price difference is the widest seen in over 9 months
  • Bean oil has been largely propping up the soy complex and now with other veg oils flooding the market, bean oil is not following the upward movement of crude
  • The USDA reported that 25.5 mb of beans were sold for export last week and 77.8 mb shipped, and so far in 22/23 export commitments are higher but shipments down 10% from last year


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  • Dec wheat down 9 @ 7.62Dec KC down 7 @ 9.07, & Dec MNPLS down 5 @ 9.52
  • Wheat is lower today as funds continue to pile onto their short positions despite the tightest wheat stocks in 15 years
  • Export sales were disappointing again with only 5.7 mb sold for export last week and 10.0 mb shipped
  • So far for 22/23 US wheat export commitments are down 6% and shipments are down 3% from a year ago
  • Turkey, Algeria, and Pakistan have all purchased Russian wheat which is significantly cheaper than US


  • Dec LC down 0.225 @ 152.900 & Jan FC down 0.075 @ 180.400
  • Both live and feeder cattle are trading lower with mixed boxed beef and lower corn
  • Cash traded steady in the South yesterday at 155 but remaining asking prices are around 157, so cash is likely to trade steady to a dollar higher
  • Net sales of beef were 15,400 mt for 2022 and were primarily to China, Japan, and Canada
  • Choice cuts up 0.14 and select down 0.81
  • Cattle slaughter projected at 128K
  • CME Feeder Cattle Index for 11/30: down 0.45 @ 178.40


  • Dec hogs up 0.175 @ 83.025 & Dec pork cutout down 0.025 @ 90.900
  • Hogs are trading higher after gains in cash and an increase in the cutout of 1.65
  • China has announced that they are easing Covid restrictions following the protests which may result in more pork demand from China
  • Net sales of pork were 20,100 mt and were primarily to Mexico, Japan, and South Korea
  • National Direct Afternoon report rose 2.15
  • Hog slaughter projected at 492K
  • CME Lean Hog Index for 12/1: down 0.32 @ 83.89


Amanda Brill

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