TFM Midday Update 6-1-2022


  • Jul corn down 32 @ 7.22
  • Corn is taking another beating today as it appears funds are liquidating positions following the Planting report and possibilities of Ukrainian exports
  • The USDA said that 86% of the US corn crop is planted vs 94% last year
  • Lack of a weather concern at this point for corn could be triggering the funds to sell
  • Last week’s CFTC showed that the funds were sellers of 49,000 contracts of corn decreasing their net long position to 248,000 contracts


  • Jul soybeans down 5 @ 16.79
  • Soybeans are only modestly lower as corn and wheat fall due to fund selling, showing the fundamental strength of soybeans and high demand
  • Higher crude is giving a boost to soybean oil, while meal is lower
  • The USDA said that 66% of the crop is planted compared to 83% last year, but only 39% has emerged, down from the five-year average of 43%
  • Soybeans on the Dalian exchange fell in sympathy with US markets with July down 1.1% today at the equivalent of $22.24 a bushel

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  • Jul wheat down 59 @ 10.29, Jul KC down 51 @ 11.15, & Jul MNPLS down 43 @ 12.06
  • Wheat is lower again today with July trying to hang on above support at the bottom of the Bollinger Band
  • According to the USDA, 72% of spring wheat has been planted compared to 97% last year, with North Dakota at 59% and Minnesota at 53%
  • There are 3 million acres of spring wheat that have not yet been planted
  • The market is still trying to decide whether Russia will allow the export of Ukrainian wheat, but funds are taking the opportunity to exit positions


  • Jun LC up 1.925 @ 132.450 & Aug FC up 4.025 @ 169.150
  • Cattle are higher with higher boxed beef prices and steady cash
  • Declining weights are providing support to futures as more cattle are needed to provide the same amount of tonnage
  • Lower corn today is giving both live and feeder cattle a boost and are showing signs of a bottom
  • Choice cuts up 2.12 and select up 2.15
  • Cattle slaughter projected at 126K
  • CME Feeder Cattle Index for 5/31: down 1.50 @ 153.22


  • Jul hogs up 2.800 @ 110.800 & Jun pork cutout up .600 @ 112.700
  • Hogs are higher with the rest of the livestock complex as corn falls apart today
  • With higher cash and a higher cutout, demand seems to have been solid over the holiday weekend and the packer is being aggressive with purchases
  • If the cutout continues to rise it should support futures well as a sign of good demand
  • National Direct Afternoon report has cash up 1.90
  • Hog slaughter projected at 481K
  • CME Lean Hog Index for 6/1: up 0.22 @ 105.15


Amanda Brill

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