TFM Midday Update 12-21-21


  • Mar corn up 5 @ 5.96
  • Corn inspections totaled 39.4 mb
  • Corn export demand is growing for Canada and Mexico
  • Traders may be positioning themselves ahead of the long holiday weekend
  • Russia has reduced the amount of gas being sent to Europe as tensions rise with Ukraine (causing energy prices to rally in Europe)
  • Chance of rain in Argentina and southern Brazil this week, but forecast remains mostly dry
  • Ukraine’s corn crop is estimated at 40 mmt
  • May corn on China’s Dalian exchange is around the equivalent of $10.82 per bushel


  • Jan soybeans up 19 @ 13.11
  • Soybean inspections totaled 61.7 mb
  • Soybeans showing impressive strength at midday
  • Overnight, west-central Argentina received some showers
  • Talk that China may be interested in US and Brazilian soybean cargoes
  • US soybean export shipments remain behind the USDA’s forecast – they may lower export demand and raise carryout on the Jan 12 report
  • India has lowered their import tax on palm oil, but has also halted trading for several commodities (including soybeans) in an effort to curb food inflation


  • Mar wheat up 12 @ 7.90, Mar KC up 18 @ 8.31, Mar MNPLS up 2 @ 10.22
  • Wheat inspections totaled 7.8 mb (below the 15.2 mb per week needed to reach the USDA’s forecast)
  • US southern plains remain dry which may affect HRW wheat production
  • US northern plains and Canada are getting some snow, but moisture will still be needed in the spring to help crop conditions in those areas
  • China continues to buy Australian feed wheat
  • Chi and KC wheat have upward momentum when looking at stochastics


  • Feb LC up 0.275 @ 136.250 & Mar FC up 0.725 @ 161.225
  • Cash expected to trade lower this week
  • Cattle On Feed report is due for release on Thursday afternoon
  • Higher outside markets should reduce pressure on cattle today
  • Choice cuts down 0.63 and select up 2.39
  • Cattle slaughter projected at 121K
  • CME Feeder Cattle Index for 12/20: down 0.34 @ 160.70


  • Feb hogs up 0.925 @ 80.400 & Feb pork cutout up 0.350 @ 90.700
  • Hogs and Pigs report due for release on Thursday afternoon
  • Prop 12 may affect pork industry in California starting January 1
  • Futures remain in a sideways pattern
  • National Direct Afternoon report declined 1.05
  • Hog slaughter projected at 480K
  • CME Lean Hog Index for 12/21: up 0.60 @ 72.93


Brandon Doherty

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