TFM Midday Update 2-27-2023


  • Mar corn down 4 @ 6.46
  • Uncertainty surrounds Ukraine’s ability to export and plant corn this year given the escalation of the war
  • Argentina’s 10 day forecast calls for more hot and dry conditions
  • Crop scouts in Argentina are estimating the corn crop to be 6 mmt below the USDA
  • Corn planting in Mato Grosso, Brazil is said to be making good progress in the face of wet conditions


  • Mar soybeans down 9 @ 15.20
  • Argentina’s lower soybean crop is raising talk about potentially switching some meal demand to the US
  • 30% of Brazil’s soybeans are estimated to be harvested (compared to 42% at this time last year)
  • Argentina’s soybean crop is rated just 3% good to excellent
  • Argentina may import soybeans from Paraguay to fulfill their crush needs


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  • Mar Chi wheat down 10 @ 6.98Mar KC down 16 @ 8.26, & Mar MNPLS down 7 @ 8.78
  • The Texas panhandle region experienced dust storms and high winds on Sunday
  • US exports continue to be poor as Russian wheat prices are much cheaper
  • A tender for US and Canadian wheat comes from South Korea, looking to obtain 85,000 mt for May
  • Iraq is said to have purchased 250,000 mt of wheat from Australia


  • Apr LC up 0.400 @ 165.775 & Apr FC up 1.600 @ 195.175
  • Cash was higher than expected last week
  • Poor export sales last week may weigh on the market
  • Cattle on Feed report results: on feed at 96%, placements at 96%, marketings at 104%
  • Choice cuts down 0.63 and select up 1.21
  • Cattle slaughter projected at 125K
  • CME Feeder Cattle Index for 2/24: up 20 @ 182.77


  • Apr hogs down 0.950 @ 85.075 & Apr pork cutout down 0.550 @ 92.275
  • Strong exports sales last week at 51,900 mt
  • International demand is increasing which may make packers more aggressive
  • China has been purchasing significant amounts of pork
  • National Direct Afternoon report increased 0.15
  • Hog slaughter projected at 479K
  • CME Lean Hog Index for 2/27: down 0.24 @ 77.49


Brandon Doherty

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