TFM Midday Update 6-24-2022


  • Jul corn up 9 @ 7.55
  • Corn is higher today following yesterday’s sell-off as buyers take advantage of lower prices
  • Net sales of 671,900 mt for 21/22 were up noticeably from the previous week and from the prior 4-week average
  • Net sales for 22/23 were 358,400 mt and were primarily for Costa Rica, Mexico, and unknown destinations
  • Rain amounts have been light the past seven days and there is not much expected for the next week, while the southwestern Plains will see hot temperatures and most of the Corn Belt will see milder temperatures


  • Jul soybeans up 20 @ 16.13
  • Soybean futures are higher this morning with the nearby months leading the way after yesterday’s sharp sell-off
  • Crude oil is nearly 4 dollars higher which is propping up soybean oil, while meal enjoys some gains as well
  • All contracts are still below their 100-day moving averages and are in oversold territory which could prompt fund buying
  • Net sales for 21/22 were 29,300 mt and a marketing year low and down 91% from last week and 88% from the prior 4-week average, while sales for 22/23 were 265,000 mt


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  • Jul wheat up 7 @ 9.45, Jul KC up 1 @ 10.04, & Jul MNPLS down 3 @ 10.77
  • Chicago and KC wheat are higher while Minn wheat lags this morning, attempting to recover from yesterday’s sell-off
  • All wheat contracts are in oversold territory and may be an appealing buying opportunity for non-commercials
  • Net sales of wheat for 22/23 were 477,800 mt and primarily to Japan, Mexico, and South Korea
  • It remains unlikely that Ukraine will be able to export any grain as Russian missiles struck two primary port terminals over the weekend


  • Jun LC up 0.300 @ 135.550 & Aug FC down 2.300 @ 172.600
  • Front month live cattle are higher while deferred months are down, and feeder cattle are lower following higher corn
  • Cash trade in the South has been marked mostly at 138, 2 dollars lower than last week’s weighted average, but 234 in the North, 4 dollars better than last week’s average in Nebraska
  • Beef net export sales were 11,200 mt, down 8% from last week and 10% from the prior 4-week average
  • Choice cuts down 1.91 and select down 1.05
  • Cattle slaughter projected at 122K
  • CME Feeder Cattle Index for 6/23: up 0.02 @ 165.23


  • Jul hogs up 1.875 @ 110.425 & Jul pork cutout up 1.250 @ 112.100
  • Hogs are higher today despite lower cash and a drop in the cutout of 1.38, as technical buying takes over
  • The May Cold Storage report showed belly stocks at 56.4 million pounds, up 55% from a year ago, and the highest they have been since April 2020
  • Pork export sales were 25,400 mt for 2022, down 8% from the previous week and 10% from the prior 4-week average
  • National Direct Afternoon report has cash down 1.63
  • Hog slaughter projected at 450K
  • CME Lean Hog Index for 6/24: down 0.05 @ 110.69


Amanda Brill

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