TFM Midday Update 5-11-2022


  • Jul corn up 11 @ 7.86
  • Corn and the grain complex in general boosted by CPI numbers coming out higher than expected at 0.6% above expectations of 0.4%
  • Further weather concerns for Brazil’s second crop corn which is at a critical stage of development
  • The seven-day forecast is still dry for Central Brazil and most of Argentina
  • Planting is underway in the Corn Belt while North Dakota and northern Minnesota are held back by wet conditions
  • Ethanol production has slowed below 1 million barrels per day the past few weeks


  • Jul soybeans up 15 @ 16.07
  • Soybeans are higher again this morning with support from a jump in July soybean oil
  • Soybean oil is being supported by higher diesel oil prices
  • Tomorrow traders will look to the USDA report to see if US ending soybean stock estimates are reduced
  • China bean imports are down from last year, but they are only 25% covered for June and July so they may be looking for old crop US soybeans

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  • Jul wheat up 17 @ 11.10, Jul KC up 18 @ 11.94, & Jul MNPLS up 22 @ 12.35
  • Wheat is higher along with the rest of the grain complex due to further weather troubles
  • Ukraine is continuing planting, but the new concern is in exports with Russia continuing to shell Odessa and export facilities
  • Traders will be watching tomorrows USDA report for views of the crops in India, Europe, and Ukraine
  • The trend in wheat remains up with domestic and foreign supply worries with no end in sight to the war in Ukraine


  • Jun LC up 1.200 @ 133.600 & May FC down 0.900 @ 158.000
  • Live cattle are higher this morning alongside the rally in grains while feeders are down working inversely
  • Cash is steady at 140 in the south and 230 in the North which is a victory considering the packer has bought a lot of cattle in the past 3 weeks
  • Futures at a discount to cash is pointing towards low expectations that the market will remain current
  • Choice cuts up 3.85 and select down 1.93
  • Cattle slaughter projected at 125K
  • CME Feeder Cattle Index for 5/10: up 0.12 @ 156.33


  • Jun hogs down 0.600 @ 101.000 & Jun pork down 0.450 @ 107.575
  • Hogs are lower this morning with the cutout losing 4.20 yesterday
  • Overall demand is low right now which can be attributed to the lockdowns in China
  • Supply is low as well with cash staying strong so any increase in demand leaves room for upside potential
  • National Direct Afternoon report rose 2.27
  • Hog slaughter projected at 481K
  • CME Lean Hog Index for 5/11: unch @ 101.09


Amanda Brill

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