TFM Midday Update 12-07-2021 - Total Farm Marketing by Stewart-Peterson

CORN

Mar corn unchanged @ 5.84
Corn export inspections totaled 29 mb (still 16% behind last year)
Mar corn is in a trading range (maybe 5.60 to 5.95)
Russia / Ukraine conflict could greatly impact corn (and wheat) prices
USDA WASDE report due for release on Thursday with expectations for no major changes for corn (maybe a small decline in carryout)
Ukraine has been shipping a lot of corn (China has been a buyer)
Biden administration plans a diplomatic boycott of the 2022 Winter Olympics – China is raising objections

Jan soybeans down 8 @ 12.53
123,000 mt of soybeans sold to unknown
Soybean export inspections totaled 82.5 mb (still 21% behind last year)
Expectation for higher carryout on the USDA WASDE report due to lower US soybean exports
South American weather is ok but southern Brazil and northeast Argentina are drying out
Soybeans are being pressured by lower soymeal

Mar wheat unchanged @ 8.06, Mar KC up 3 @ 8.25, Mar MNPLS unchanged @ 10.28
Wheat export inspections totaled 9 mb (still 17% behind last year)
Russia / Ukraine conflict could greatly impact wheat prices as exports and logistics could be jeopardized
The wheat market has lost a lot of demand premium
US southern Plains weather for the spring/summer could be positive to wheat prices
Last week, Russian cash wheat prices were down for the first time in six weeks
Russia’s export tax will be $85 per metric ton this week

Feb LC down 0.675 @ 138.975 & Jan FC down 0.425 @ 164.825
No cash business done yesterday
Higher cash anticipated this week
Biden administration’s diplomatic boycott of the Beijing Olympics could affect beef prices if China retaliates
Choice cuts down 1.83 and select down 0.79
Cattle slaughter projected at 122K
CME Feeder Cattle Index for 12/6: down 1.15 @ 160.43

Brandon Doherty