TFM Midday Update 12-13-2021


  • Mar corn down 4-3/4 @ 5.85
  • Market seeing some profit taking pressured by other grain weakness.
  • Weekly Export inspections totaled 810,000 MT, within expectations and still 16% below last year.
  • Demand remains strong with large purchase of U.S. corn by Mexico last week, and rumors of China interest in U.S. Corn.
  • Corn futures still in an uptrend, testing support levels this morning. Prices could drop to the bottom of the trading range at 5.70 in the March contract.


  • Jan soybeans down 17 @ 1250
  • Demand stays in focus.  No announce export sales this morning as sale and shipments are running nearly 30% behind last year.
  • Weekly export inspections totaled 1.724 MMT, below expectations and 21% below last year.
  • Prices are still trending lower overall, with cautious eye being kept on the South American weather forecast.
  • Argentina picked up some showers over the weekend, but totals were light. Close eye will be kept on forecasts for the southern Brazil and Argentina production areas.


  • Mar wheat up 4-3/4 @ 7.89, Mar KC up 6 @ 8.11Mar MNPLS down 3 @ 10.19
  • Wheat prices are still in a downtrend overall, but prices are recovering, trying to make the turn higher.
  • Weekly USDA Export inspections at 245,000 MT, within expectations but still 17% below last year.
  • Increased global and U.S. carryout keeps selling pressure on the market.
  • Russian wheat taxed were raised to $91/MT, which should help aid in U.S. wheat export demand.
  • Global wheat demand stays strong and with recent price break, exports may be looking to step into the market and secure supplies.


  • Feb LC up 1.075 @ 139.200 & March FC up 1.325 @ 166.625
  • Charts look to turn higher as prices are trending lower, led by disappointing cash trade last week.
  • Retail values have trended softer, helping pressure the cash market last week.
  • Cash cattle trade last week was $138-140, steady to lower compared to last week.
  • Cattle slaughter projected at 121K
  • CME Feeder Cattle Index for 12/10: down 0.12 @ 161.51 and running a discount to the Feeder futures prices.
  • Cattle attempting to post a seasonal turn, but steady cash market was disappointing and could keep pressure on the market.


  • Feb hogs down 0.475 @ 80.525 & Feb pork cutout down 0.025 @ 86.400
  • Hog prices consolidating at the top of last week’s range.
  • Cash market is showing signs of life, as prices may be trying to find some seasonal value.
  • Carcass values have trended higher last week, which could help the cash market bid.
  • Overall premium of the futures market to cash market is still concerning and may keep selling pressure active in the near-term.
  • CME Lean Hog Index for 12/13: up 0.63 @ 71.58.


John Heinberg

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