TFM Midday Update 2-10-2023


  • Mar corn up 7 @ 6.77
  • Corn is trading higher after a solid export sales report, as well as a jump in crude as Russia has said that they would cut oil production by 500,000 barrels a day
  • Export sales were about 46 million bushels, which were down 17 mb from the prior week, and total commitments are down 41% from last year
  • The Buenos Aries Grain exchange reported an improvement in the good to excellent ratings to 20% with 34% of the crop rated poor to very poor, improvements after recent rains
  • Brazil’s corn exports were increased by 3 mmt to 50 mmt, and China is now Brazil’s main customer for both corn and beans


  • Mar soybeans up 10 @ 15.30
  • Soybeans are higher, but have backed off their highs from this morning and are following bean oil which is being led by higher crude
  • The Buenos Aires Grain exchange increased their good to excellent rating for beans to 13% from 12% last week, but poor to very poor rose 2% to 48% of the crop
  • The Argentinian exchange also lowered their production estimates to 38 mmt from 41 mmt which is far below USDA expectations
  • The USDA reported an increase of just 16.9 mb of export sales for 22/23 and an increase of 6.8 mb for 23/24, but shipments were good at 67.2 mb


Like what you’re reading?

Sign up for our other free daily TFM Market Updates and stay in the know!



  • Mar Chi wheat up 27 @ 7.84, Mar KC up 29 @ 9.08, & Mar MNPLS up 11 @ 9.28
  • Wheat is leading the grain market today with big gains of nearly 4% in the March contract as Russia has started fresh and intensified attacks on Ukraine
  • The prime minister of Moldova has announced that the government is resigning after Russia shot rockets above the country violating NATO rules
  • Export sales for wheat were poor at just 4.8 mb for 22/23 and 0.7 mb for 23/24 with shipments at 19.8 mb
  • Russia continues to dominate exports selling 400,000 mt to Algeria


  • Apr LC up 0.250 @ 163.875 Mar FC down 0.375 @ 186.450
  • Live cattle are slightly higher while feeders are lower on a rally in the corn market while higher boxed beef is offering some support
  • Cash will almost certainly be higher this week with trade occurring yesterday in the North at 254, 4 dollars better than last week
  • Asking prices in the South are between 161 and 162 while remaining asking prices in the North are around 255 or higher
  • Choice cuts up 2.09 and select up 0.85
  • Cattle slaughter projected at 121K
  • CME Feeder Cattle Index for 2/9: up 0.30 @ 182.53


  • Apr hogs up 0.050 @ 83.325 Apr pork cutout down 0.200 @ 90.000
    • Hogs are slightly higher today after cash slipped but the cutouts moved higher again by 1.10 but trade has seemed to be following cash lately
    • Weekly export sales were good at 28,800 mt of pork sold with China as the third largest buyer
    • Packers continue to keep a fast slaughter pace flooding the market with pork with demand that has not been able to keep up
    • National Direct Afternoon report fell by 0.25
    • Hog slaughter projected at 483K
    • CME Lean Hog Index for 2/10: up 0.05 @ 73.8


Amanda Brill

Sign up to get daily TFM Market Updates straight to your email!

back to TFM Market Updates