TFM Midday Update 6-3-2022


  • Jul corn down 1 @ 7.29
  • Corn is struggling to stay positive today after mediocre net export sales of 185,800 mt for 21/22, up 23% from the previous week but down 52% from the prior 4-week average
  • Private exporters reported sales of 101,600 mt of corn for delivery to unknown destinations during the 21/22 marketing year
  • July corn is on track to end the week with a loss of nearly 50 cents after funds rushed to liquidate positions after Russia said they were willing to allow grain shipments to leave Ukraine
  • As Brazil begins their harvest of second crop corn, the USDA has said production will be record high at 4.57 billion bushels


  • Jul soybeans down 25 @ 17.04
  • Soybeans are lower after less than stellar net export sales of 111,600 mt for 21/22, a marketing-year low, down 60% from the previous week and 77% from the prior 4-week average
  • Argentina’s crop has been battered by drought and is now 94% harvested according to the Buenos Aires grain exchange
  • Both soybean meal and oil are lower this morning despite higher crude again today
  • With Russia’s oil production expected to drop even more after Europe agreed on a partial ban, demand for bean oil should continue to rise

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  • Jul wheat down 16 @ 10.43, Jul KC down 21 @ 11.23, & Jul MNPLS down 5 @ 11.94
  • Wheat is lower today as traders are uncertain about whether any wheat will be able to leave Ukraine, especially as Russian attacks intensify
  • Producers in North Dakota, northern Minnesota, and on the Canadian side of the border are getting a limited opportunity for planting as rain is not expected in the 7-day forecast
  • Unless the market is hit with bullish news, all 3 wheats are on track to end the week with large losses as funds exited their long positions following the Russia news
  • Australia is nearly done planting wheat with an all-time high 14.5 million hectares, while France’s wheat crop continues to decline for the fifth straight week


  • Jun LC up 0.100 @ 133.700 & Aug FC up 0.725 @ 173.675
  • Live cattle are modestly higher, and feeders are higher with August remaining soundly above the 50-day moving average as corn struggles to stay positive this morning
  • Net beef export sales of 17,900 mt for 2022 were down 11% from the previous week and down 17% from the prior 4-week average
  • Cash traded 2 dollars lower for both Northern dressed and Southern live cattle, with business basically finished for the week
  • The aggressive buying in feeder cattle may be showing tighter supply of calves which could impact cattle prices later in the year
  • Choice cuts down 0.77 and select up 0.72
  • Cattle slaughter projected at 126K
  • CME Feeder Cattle Index for 6/2: up 0.12 @ 153.48


  • Jul hogs down 0.675 @ 112.975 & Jun pork cutout up 0.100 @ 114.600
  • Hogs are lower this morning following net pork export sales of 31,900 mt for 2022, down 13% from last week but up 15% from the prior 4-week average
  • Despite slightly lower cash, the cutout jumped another 2 dollars extending the gains for this week and showing the strong retail demand
  • Lower or quiet trade today would not be a surprise as the packer has already bought quite a few hogs this week and doesn’t need to be as aggressive in the cash market
  • National Direct Afternoon report has cash down 0.46
  • Hog slaughter projected at 475K
  • CME Lean Hog Index for 6/3: down 0.24 @ 104.91


Amanda Brill

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