TFM Midday Update 12-19-2022

Provided by Stewart-Peterson Inc.


  • Mar corn down 7 @ 6.46
  • Private exporters reported sales of 141,000 mt of corn sold to Mexico for 22/23
  • A heavy winter storm is set to hit much of the upper Midwest this week Thursday
  • Argentina has rain on the forecast late this week and into the weekend with 75% coverage of 0.5 to 1.5 inches of rain
  • Central and northern Brazil received good rains over the weekend
  • Russia continues to attack Ukraine, with reports of new drone attacks on infrastructure


  • Jan soybeans down 17 @ 14.63
  • Private exporters reported sales of 132,000 mt of soybeans sold to unknown for 22/23
  • There is renewed talk of China trying to stimulate their economy, but some reports suggest that covid deaths there are quickly rising
  • China’s January soybean prices are down for the 5th out of the past 6 sessions (which seems to be tied to covid concerns)
  • Rumors that the cap on sanctions of Russian oil prices may be reduced from $60
  • Processors are still incentivized by the high value of crushed soybeans over that of uncrushed


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  • Mar Chi wheat down 5 @ 7.49, Mar KC down 5 @ 8.39, & Mar MNPLS down 3 @ 9.07
  • Egypt’s strategic wheat reserves at 4.8 month supply
  • The sub-zero temperatures expected for parts of the southern plains are a threat for the winter wheat crops
  • Paris milling wheat futures are lower for the 5th session in a row
  • Russian wheat, while the cheapest in the world, has seen slower exports recently due to poor weather, slow inspections, and trouble getting insurance for vessels
  • Managed funds have the largest short position in Chicago wheat since mid-May


  • Feb LC up 0.150 @ 155.925 Jan FC down 1.325 @ 182.450
  • Cattle on Feed report will be released this Friday
  • Packers paid steady to $1 higher last week and feedlots may hold out for at least steady cash this week
  • December live cattle made a new contract high today
  • Strength in boxed beef indicates strong demand
  • Choice cuts up 8.53 and select up 6.94
  • Cattle slaughter projected at 122K
  • CME Feeder Cattle Index for 12/16: up 0.01 @ 179.51


  • Feb hogs down 0.450 @ 85.325 & Feb pork cutout UNCH @ 93.675
  • Hogs and Pigs report will be released this Friday
  • August and October hog futures made new contract highs last week
  • Last Friday’s strength appears to have been technical in nature
  • Slaughter pace will likely slow the next couple weeks due to the holidays and may leave packers unaggressive this week
  • National Direct Afternoon report declined 0.77
  • Hog slaughter projected at 490K
  • CME Lean Hog Index for 12/19: down 0.33 @ 81.55


Brandon Doherty

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