TFM Midday Update 3-20-2023


  • May corn down 2 @ 6.32
  • Rains in Argentina and continued concerns about the banking system are weighing on commodity markets
  • This week China’s president will meet with the presidents of Russia and Brazil and could come up with a regional trade agreement
  • Despite four days of Chinese corn purchases totaling about 83 mb, corn is weaker this morning
  • New outlets are reporting that UBS purchased Credit Suisse for $3.2 billion


  • May soybeans up 1 @ 14.77
  • Last week there was a drop in Brazil soybean and soybean meal premiums which pressured the markets
  • May soybeans on China’s Dalian exchange hit a 7 month low to the equivalent of $16.57 per bushel
  • Continued weakness of crude oil not helping, with the May contract trading around $66 per barrel at midday
  • The rains in Argentina likely won’t do much besides help to stabilize the crop


Like what you’re reading?

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



  • May Chi wheat down 9 @ 7.01, May KC down 6 @ 8.30, & May MNPLS down 7 @ 8.54
  • India has uncertain weather with too much rain in some areas and not enough in others
  • Russia has said that the Black Sea corridor deal was extended for 60 days but Ukraine is saying it was 120 days, leading to uncertainty there
  • Paris milling wheat futures gapped lower due to the extension of the deal
  • The continued drought conditions in the US southern plains provide bullish support


  • Apr LC up 0.050 @ 162.375 & Apr FC up 0.400 @ 195.050
  • Cattle on Feed report results: on feed at 96%, placements at 93%, marketings at 95%
  • The report was bullish compared with last year, but neutral compared to pre-report estimates
  • April live cattle still have a chart gap above the market which could be filled
  • There is concern over cash strength this week
  • Choice cuts down 0.60 and select up 0.68
  • Cattle slaughter projected at 126K
  • CME Feeder Cattle Index for 3/17: down 0.84 @ 187.87


  • Apr hogs down 1.025 @ 78.850 & Apr pork cutout down 1.975 @ 84.900
  • Outside market pressures are still a concern for hog prices
  • Lower cash and cutouts on Friday may limit upside price movement
  • Hog futures are oversold and due for a bounce after the recent downtrend
  • National Direct Afternoon report declined 1.22
  • Hog slaughter projected at 480K
  • CME Lean Hog Index for 3/20: up 0.06 @ 80.01


Brandon Doherty

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

back to TFM Market Updates