TFM Midday Update 4-18-2022


  • May corn up 17 @ 8.07
  • The Buenos Aires Grain Exchange rated Argentina’s corn crop 23% good to excellent (vs 25% previously)
  • A lot of snow in the northern plains and Canada could cause delays (though they need the moisture)
  • Argentina and central Brazil are dry which could impact late crops / safrinha corn
  • More Russian shelling took place in Ukraine over the weekend


  • May soybeans up 27 @ 17.09
  • The Buenos Aires Grain Exchange rated Argentina’s soybean crop 20% good to excellent (vs 21% previously)
  • Rising covid cases and lockdowns in China still causing concern about their import demand of commodities
  • May soybeans on China’s Dalian Exchange are around the equivalent of $22.00 per bushel
  • USDA announced on Friday sales of 30.8 mb of soybeans (mostly to China)
  • Friday’s NOPA crush came in at 181.8 mb (in line with expectations but up 2% from last year)


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  • May wheat up 27 @ 11.23, May KC up 29 @ 11.83, May MNPLS up 30 @ 11.74
  • HRW wheat areas remain mostly dry
  • Winter wheat crop ratings this afternoon expected to be lower
  • The rains forecast for the southern plains are probably not as impressive as they looked last week – moisture looks like it will favor the eastern areas
  • Russian military continued to fire on northern and western Ukraine cities over the weekend (Lviv and Kyiv)
  • Temperatures in Texas expected in the 90s this week


  • Jun LC up 0.550 @ 136.975 May FC down 0.850 @ 160.925
  • Packers may be aggressive this week if there are not enough market ready cattle
  • New highs in corn may discourage feedlots to hold out for higher prices
  • Choice cuts up 0.76 and select down 0.81
  • Cattle slaughter projected at 120K
  • CME Feeder Cattle Index for 4/14: up 0.09 @ 155.95


  • Jun hogs up 2.400 @ 120.875 & Jun pork cutout up 1.750 @ 126.825
  • May hogs are now the front month and are at a large premium to cash
  • China was listed as a buyer on last week’s export sales report
  • Packers are less aggressive due to sufficient supply
  • National Direct Afternoon Report increased 1.83
  • Hog slaughter projected at 346K
  • CME Lean Hog Index for 4/18: up 0.79 @ 99.98


Brandon Doherty

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