TFM Midday Update 7-13-2022

Provided by Stewart-Peterson Inc.



  • Sep corn up 14 @ 6.08
  • Corn is higher as forecasts remain dry for the central and Western Corn Belt over the next two weeks with above normal temperatures and below normal rain coinciding with pollination
  • CPI data came out with inflation at 9.1%, well above the forecast of 8.8% and the highest since 1991, but equity markets are recovering following the report
  • China’s corn price fell 13 cents to the equivalent of 10.24 per bushel, and they have made plans to sign a deal to import Brazilian corn


  • Sep soybeans up 11 @ 13.74
  • Soybeans and meal are higher this morning while soybean oil is lower despite crude oil recovering after this morning’s bearish CPI data was released
  • Malaysian palm oil plunged 8.6% today gapping lower to the lowest level since a year ago, bringing soybean oil lower
  • Yesterday’s USDA report showed hints of weaker demand with old crop China imports of soybeans falling by 2 mmt and new crop imports down 1 mmt
  • New fears of Covid lockdowns in China may implicate weaker demand


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  • Sep wheat up 17 @ 8.31, Sep KC up 11 @ 8.79, & Sep MNPLS up 19 @ 9.38
  • Wheat futures are higher across the board and finally getting a break from selling pressure as the entire grain complex is up following today’s CPI data
  • The USDA’s estimate of 22/23 hard red spring ending stocks of 126 mb is below last year’s drought-stricken 140 mb despite stronger yield potential
  • Humanitarian corridors for exporting Ukrainian wheat continue to be discussed between the UN, Turkey, and Russia


  • Aug LC up 0.300 @ 136.975 & Aug FC up 0.325 @ 179.850
  • Both live and feeder cattle are mostly unchanged as grain prices recover
  • Cash trade is still not established but asking prices in the South are 139 to 140 and 235 or more in the North
  • Yesterday Aug feeder cattle had their highest close since March 30
  • Choice cuts up 0.37 and select down 0.83
  • Cattle slaughter projected at 126K
  • CME Feeder Cattle Index for 7/12: down 0.87 @ 171.34


  • Aug hogs up 2.350 @ 111.350 & Aug pork cutout up 1.975 @ 115.500
  • Hogs are higher with Aug leading the way up following a strong gain in cash and an increase in the cutout of 2.40
  • The Livestock and Poultry World Markets and Trade report showed that global exports of pork may decline 39% for China with Hong Kong potentially purchasing 21% less
  • Hog futures are poised to break above chart resistance if the cutout continues to work higher
  • National Direct Afternoon report rose 5.19
  • Hog slaughter projected at 471K
  • CME Lean Hog Index for 7/13: up 0.80 @ 112.57


Amanda Brill

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