TFM Midday Update 2-7-2023


  • Mar corn down 2 @ 6.77
  • Corn is trading lower again today but remains very rangebound holding just above the 100-day moving average
  • The sluggish export pace has been a bearish factor as better sales were expected but Brazil still has cheaper corn to sell taking business away from the US
  • Tomorrow’s WASDE report is not expected to have many surprises but changes to exports may be made as well as changes to South American production
  • The Dollar is higher again today which is pressuring both corn and beans


  • Mar soybeans down 4 @ 15.17
  • Soybeans are falling again today getting dragged lower by meal which is down 2% in the March contract while bean oil is higher by 2.30% in March
  • Crude oil is nearly 2 dollars a barrel higher as it found a bit of a floor yesterday near 72 dollars a barrel as trade expects the administration to refill reserves near 70 a barrel
  • Tomorrow’s WASDE report may show an increase in exports which shouldn’t come as much of a shock since weekly export sales have been consistently strong
  • South American soybean production will likely get some attention with tomorrow’s report but we will see if there is an increase in Brazilian production to offset Argentina’s losses


Like what you’re reading?

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



  • Mar Chi wheat up 3 @ 7.54, Mar KC up 10 @ 8.86, & Mar MNPLS up 1 @ 9.18
  • Wheat is the only grain that’s moving higher today which is surprising given the higher dollar
  • KC wheat has been leading the wheat complex higher with March futures holding an 11 cent premium to May indicating good domestic demand
  • Canada released their stocks of principal field crops which showed total wheat stocks as of December 31 at 22.294 mmt
  • Russia’s IKAR consultancy reduced their estimates for their crop from 87 mmt to 84 mmt due to weather issues


  • Apr LC down 0.275 @ 164.200 Mar FC up 0.600 @ 188.300
  • Live cattle are trading lower while feeders are higher and are getting the benefit from lower corn futures
  • The expectation is for cash to trade higher again this week as packers are not well bought ahead and may need to step up
  • The reversal in boxed beef higher is supportive as well as it improves packer margins
  • Choice cuts up 1.83 and select up 2.11
  • Cattle slaughter projected at 126K
  • CME Feeder Cattle Index for 2/6: down 0.16 @ 181.29


  • Apr hogs up 0.675 @ 83.125 & Apr pork cutout down 0.525 @ 90.175
  • Hogs are trading higher in the nearby months but lower in deferred contracts as cash fell but a nice jump in the cutouts of 2.53 led by bellies which were up 8.35
  • The April contract made new lows on the open but has bounced back over a dollar since then trying to stay above support
  • Hogs continue to struggle finding footing with fast slaughter pace and pork supply that is far exceeding demand
  • National Direct Afternoon report fell by 0.31
  • Hog slaughter projected at 489K
  • CME Lean Hog Index for 2/7: up 0.24 @ 73.29


Amanda Brill

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

back to TFM Market Updates