TFM Midday Update 12-23-2021


  • Mar corn up 2 @ 6.04
  • USDA reported an increase of 38.7 mb of corn export sales
  • Weather still dry across parts of southern Brazil and northern Argentina
  • American and European weather models are somewhat conflicting in terms of rain for South America
  • EIA reported yesterday, ethanol production down 3.3% to 1.051 million barrels per day
  • Brazil’s first corn crop is in the pollination stage


  • Jan soybeans down 2 @ 13.27
  • USDA reported an increase of 29.8 mb of soybean export sales
  • Southern Brazil soybeans are in the pod fill stage
  • March soybean meal has rallied the past four sessions to levels last seen in mid May
  • Malaysian palm oil is on the rise due to flooding in that region
  • Omicron has caused some lockdowns including a city of 13 million people in China


  • Mar wheat down 3 @ 8.11Mar KC unchanged @ 8.54, Mar MNPLS up 2 @ 10.30
  • USDA reported an increase of 15.6 mb of wheat export sales
  • KC wheat is being supported by strong cash
  • USDA winter wheat seedings report to be released in January with expectations for higher acreage
  • Talk that Ukraine might restrict their wheat exports


  • Feb LC up 1.325 @ 138.700 & Mar FC up 1.750 @ 163.675
  • Packers purchased cattle steady with last week
  • Cattle On Feed report is due for release this afternoon
  • Choice cuts up 0.47 and select up 0.91
  • Cattle slaughter projected at 121K


  • Feb hogs down 0.100 @ 83.250 & Feb pork cutout down 0.375 @ 93.125
  • Strong cash this week (might indicate packers are seeing stronger demand)
  • Hogs and Pigs report due for release this afternoon
  • National Direct Afternoon report increase 0.55
  • Hog slaughter projected at 472K
  • CME Lean Hog Index for 12/23: down 0.69 @ 72.33


Brandon Doherty

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