TFM Midday Update 12-30-2021

FROM ALL OF US AT TOTAL FARM MARKETING, HAVE A HAPPY AND PROSPEROUS NEW YEAR!

FRIDAY, DECEMBER 31: The CME has regular trading hours. Total Farm Marketing offices will close at 2:00 CT; there will be no Top Farmer Intelligence report.

CORN

  • Mar corn down 6 @ 6.00
  • Corn was pressured overnight by some showers in parts of Brazil
  • Two-week forecast for Argentina and southern Brazil remains dry
  • Weekly ethanol production increased by 8,000 barrels per day last week (to 1.059 million bpd)
  • Low volume continues this week, allowing for increased volatility
  • Corn demand might be increased (in ethanol and feed usage) on the January 12 USDA report

SOYBEANS

  • Jan soybeans down 16-1/2 @ 13.40
  • Rains overnight across parts of Brazil causing some weakness in the soybeans complex
  • The USDA may drop soybean exports on the January 12 report
  • Argentina’s forecast remains mostly dry which should help provide support to soybeans
  • According to the Brazilian Institute of Agricultural Economics, soybean harvest has started in Mato Grosso (20 days ahead of pace from last year)

WHEAT

  • Mar wheat down 3 @ 7.85, Mar KC down 5 @ 8.20, Mar MNPLS down 6 @ 10.03
  • The USDA might decrease wheat exports on the January 12 report
  • US Dollar Index remains near the 96 mark
  • March KC wheat has decreased around 60 cents from the Monday high
  • Egypt purchased 300,000 mt of wheat – over half sourced from Ukraine and the rest from France and Romania
  • The Russian ag minister said that as of January 12, their export tax will be increased to $98.70 per metric ton

CATTLE

  • Feb LC down 0.675 @ 140.050 & Mar FC down 0.125 @ 167.925
  • Live cattle futures in deferred months made new contract highs yesterday
  • Packers in the north paid as much as $5 higher yesterday
  • Last trading day for Dec live cattle is Friday
  • Choice cuts up 1.05 and select up 1.00
  • Cattle slaughter projected at 122K
  • CME Feeder Cattle Index for 12/30: down 0.11 @ 159.45

HOGS

  • Feb hogs down 0.350 @ 83.475 & Feb pork cutout unchanged @ 94.275
  • California’s Prop 12 comes into effect January 1
  • June through August futures posted new contract highs yesterday
  • Hog futures should be supported by the anticipation of tighter supply next year
  • National Direct Afternoon report declined 0.52
  • Hog slaughter projected at 480K
  • CME Feeder Cattle Index for 12/30: up 0.38 @ 72.20

Author

Brandon Doherty

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