TFM Midday Update 5-9-2022


  • Jul corn down 12 @ 7.72
  • The 2-week forecast is warm and dry across most of the Midwest – should allow for increased corn planting
  • Crude oil is lower with Saudi Arabia lowering their prices, and reduced demand out of China due to lockdowns
  • Argentina and central Brazil are still struggling with a lack of rain
  • September corn on China’s Dalian Exchange is around the equivalent of $11.29 per bushel


  • Jul soybeans down 33 @ 15.89
  • High crush margins are still incentivizing to soybean processors
  • Rising covid cases in China are affecting their economy with reports of about 328 million people on lockdown in 40 cities
  • The Buenos Aires Grain Exchange said Argentina’s soybean harvest is 55% complete but only 12% of the crop is rated good to excellent
  • July soybeans on China’s Dalian Exchange are around the equivalent of $21.39 per bushel

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  • Jul wheat down 5 @ 11.03, Jul KC up 4 @ 11.75, & Jul MNPLS up 1 @ 12.10
  • Heat and dryness in Europe may push wheat prices higher
  • Some lingering rains across parts of the Northern Plains may further delay spring wheat planting
  • The 7-day forecast for the southwestern plains is mostly dry – HRW wheat conditions are already poor and this will not help
  • MPLS wheat continues to make new highs


  • Jun LC up 0.125 @ 132.875 May FC down 0.050 @ 159.500
  • Live cattle were lower Friday, despite lower corn futures (and a similar trend today)
  • Packers have some cattle bought ahead so may be less aggressive this week
  • High food prices may be causing consumers to purchase fewer high-end cuts of beef
  • Choice cuts down 0.74 and select down 0.75
  • Cattle slaughter projected at 122K
  • CME Feeder Cattle Index for 5/6: down 0.08 @ 155.51


  • Jun hogs down 2.600 @ 101.500 & Jun pork cutout unchanged @ 110.650
  • African swine fever has been found in Rome
  • Seasonally, pork demand should start to increase
  • Friday, futures were weaker on lower cash and cutouts
  • National Direct Afternoon report declined 1.59
  • Hog slaughter projected at 478K
  • CME Lean Hog Index for 5/9: down 0.05 @ 100.91


Brandon Doherty

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