TFM Midday Update 5-10-2022


  • Jul corn up 1 @ 7.73
  • The USDA’s Crop Progress report showed 22% of corn planted as of May 8, which is well below the 5-year average of 50%
  • Crop progress numbers should make a significant jump by next week’s report with warmer weather and a mostly dry forecast in the Midwest improving planting conditions
  • The Northern Plains will see a challenge with wet conditions and more rain forecast
  • With Brazil and Argentina still experiencing dryness the US will likely be the world’s main source of corn in the year ahead and supplies could get tight


  • Jul soybeans up 7 @ 15.92
  • Soybeans are pushing back higher this morning after yesterday’s sharp drop
  • The USDA’s crop progress report showed 12% of soybeans planted as of May 8 below the five-year average of 24%
  • Soybean demand overall remains strong, and we will likely see the USDA estimate the lowest ending stocks of US soybeans in six years this Thursday
  • Domestic demand for meal has fallen but strong demand for soybean oil is driving the crush

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  • Jul wheat up 3 @ 10.96, Jul KC up 8 @ 11.72, & Jul MNPLS up 9 @ 12.16
  • The USDA rated 29% of winter wheat as good to excellent which is up from 27% last week but still the lowest rating since the drought of 1989
  • USDA reports show 27% of spring wheat crop planted down from the 5-year average of 47%
  • North Dakota is only 8% planted with more rain forecast this week
  • Weather is the main issue right now affecting both the North and Southwestern Plains


  • Jun LC down 0.125 @ 133.425 May FC down 0.475 @ 159.325
  • Live cattle were lower again yesterday alongside lower corn, yet recovered significantly for a green close in Jun
  • All live cattle contracts are down today with anticipation of lower cash as the packer is well bought for now
  • Feeders have slipped lower with a rise in grains, alongside a record number of cattle on feed
  • Choice cuts up 3.85 and select down 1.93
  • Cattle slaughter projected at 124K
  • CME Feeder Cattle Index for 5/9: up 0.70 @ 156.21


  • Jun hogs up 0.250 @ 101.525 Jun pork down 0.325 @ 107.975
  • Front month hogs are leading the charge higher with deferred contracts down indicating the packer’s need for hogs now
  • Higher cash is supporting futures
  • Potential ASF spread in Rome must be watched as fears could drive prices higher
  • National Direct Afternoon report rose 4.85
  • Hog slaughter projected at 479K
  • CME Lean Hog Index for 5/10: up 0.18 @ 101.09


Amanda Brill

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