TFM Midday Update 8-1-2022

Provided by Stewart-Peterson Inc.



  • Sep corn down 20 @ 5.97
  • Corn is lower this morning as Ukraine’s first grain ship left today carrying 1.0 mb of corn
  • Heat advisories remain in the Western and Central Corn Belt, but the Eastern Corn Belt will see more moderate temperatures and some rain
  • Friday’s USDA report showed that one bushel of 7.28 corn in Iowa could produce 8.87 worth of ethanol and distillers’ grains, incentivizing processors
  •  Friday’s CFTC report showed funds as sellers again, reducing their net long position by 4,515 contracts to 120,788 contracts


  • Sep soybeans down 61 @ 14.26
  • The soy complex is losing the most ground today as rain chances in the Eastern Corn Belt improve, and both crude oil and palm oil fall
  • Nancy Pelosi will reportedly be visiting Taiwan, inflaming tensions with China and spooking the market further
  • Friday’s USDA report showed the crush premium in Illinois increasing from 2.43 to 3.70 a bushel, a large jump and big incentive to processors
  • Friday’s CFTC report showed funds liquidating 156 contracts leaving them net long 87,676 contracts


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  • Sep wheat down 22 @ 7.86, Sep KC down 25 @ 8.50, & Sep MNPLS down 17 @ 8.89
  • Wheat is lower after a ship carrying corn reportedly left Odesa this morning, signaling that wheat exports from the country may follow
  • Russia has intensified their attacks, targeting Ukraine’s port of Mykolaiv yesterday and killing a prominent owner of one of Ukraine’s largest grain export companies
  • In the US, wheat crops across the Pacific Northwest and Montana were hit by extremely hot temperatures over the weekend and have excessive heat warnings posted today
  • Friday’s CFTC report showed funds adding 3,574 contracts to their net short position increasing it to 10,390 contracts


  • Aug LC up 0.025 @ 136.500 & Aug FC up 1.075 @ 179.650
  • Both live and feeder cattle are higher with feeders leading the way on lower corn
  • The packers have not needed to bid aggressively as increased slaughter is being met with sufficient cattle
  • Higher boxed beef last week indicates that beef is moving well despite higher food prices
  • Choice cuts up 1.47 and select up 1.44
  • Cattle slaughter projected at 125K
  • CME Feeder Cattle Index for 7/29: down 0.24 @ 172.31


  • Aug hogs down 0.400 @ 120.250 & Aug pork cutout down 0.100 @ 125.975
  • Hogs are lower this morning as cash has declined and the cutout fell as well by 1.45
  • Despite being lower today, the cutout has moved higher in general showing good pork demand
  • Hog weights continue to fall with the heat, dropping 0.8 pounds from the previous week to an average weight of 276.7 pounds, down 1.4 pounds from a year ago
  • National Direct Afternoon report declined 2.51
  • Hog slaughter projected at 412K
  • CME Lean Hog Index for 8/1: up 0.84 @ 121.42


Amanda Brill

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