TFM Midday Update 12-06-2021


  • Dec corn down 6 @ 5.80
  • Tensions between Russian and Ukraine are adding to marketplace uncertainty
  • USDA WASDE report due for release on Thursday – trade expects a small decline in US corn carryout
  • Central Brazil had rains over the weekend – southern Brazil and northern Argentina are drier
  • January corn on China’s Dalian exchange is around the equivalent of $10.55 per bushel
  • DTN National Soybean Index is near two-month highs


  • Jan soybeans down 8 @ 12.59
  • Expectation for higher carryout on the USDA WASDE report due to lower US soybean exports
  • Soybean harvest could come early in South America, cutting into our export demand
  • Stats Canada pegged the canola crop at 12.60 mmt (down 35% from last year)
  • January soybeans on China’s Dalian exchange are around the equivalent of $17.79 per bushel
  • DTN National Soybean Index is near two-month highs


  • Dec wheat down 8 @ 7.86, Dec KC down 7 @ 8.15Dec MNPLS up 11 @ 10.47
  • KC wheat is forming a head and shoulders chart pattern
  • Talk last week out of Russia that they may limit wheat exports to 9 mmt starting in February
  • US forecast remains mostly dry in the southwest Plains
  • The tensions between Russia and Ukraine could cause wheat prices to spike
  • Saudi Arabia is reported to have bought 25.3 mb of wheat


  • Dec LC unchanged @ 137.675 Jan FC down 0.675 @ 163.450
  • Anticipation for higher cash this week
  • Packers have been aggressive – purchasing cattle to maintain slaughter pace
  • Demand remains strong with higher boxed beef last week
  • Choice cuts up 2.34 and select up 0.39
  • Cattle slaughter projected at 119K
  • CME Feeder Cattle Index for 12/3: up 0.24 @ 161.58


  • Dec hogs down 1.000 @ 73.000 & Dec pork cutouts down 1.375 @ 85.250
  • Cutouts remain volatile
  • There is a sufficient supply of hogs, yet packers are purchasing aggressively
  • China is back in the market and export sales have been good
  • National Direct Afternoon report increased 3.93
  • Hog slaughter projected at 482K
  • CME Lean Hog Index for 12/6: down 0.33 @ 70.53


Brandon Doherty

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

back to TFM Market Updates