TFM Midday Update 12-07-2021


  • 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


  • Feb hogs down 1.175 @ 77.050Feb pork cutouts down 1.075 @ 88.600
  • Hog futures succumbed to heavy selling pressure yesterday
  • Chart gaps Dec and Feb above current levels may need to be filled
  • National Direct Afternoon Hog report declined 1.29
  • Hog slaughter projected at 472K
  • CME Lean Hog Index for 12/7: up 0.25 @ 70.78


Brandon Doherty

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