TFM Midday Update 8-24-2022

Provided by Stewart-Peterson Inc.


  • Sep corn down 1 @ 6.59
  • Corn was higher on the open but has faded since and is now lower as profit taking kicks in and options expiration nears
  • The ProFarmer crop tour is now in Illinois, and they may be seeing better crop conditions which could be pressuring the market
  • Corn traded above its upper Bollinger Band so technical selling is likely kicking in with resistance at the 100-day moving average


  • Sep soybeans up 3 @ 15.70
  • Soybeans, meal, and bean oil were also trading sharply higher on the open but have faded and are now down for the day
  • Today private exporters reported sales of 517,000 mt of soybeans for delivery to China during the 22/23 marketing year, a big sale that should be supportive
  • As in corn, profit taking, a higher US dollar, and the approaching options expiration could be pressuring the market lower

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  • Sep wheat up 2 @ 7.85, Sep KC up 6 @ 8.88, & Sep MNPLS down 8 @ 8.92
  • Wheat is slightly higher to unchanged for the day but has faded since the open along with corn and soybeans
  • The drought in China appears to mainly be affecting their wheat crop as well as rice production, and could mean more imports from the US
  • In the US, winter wheat areas of the southwestern Plains have chances for rain starting this weekend and continuing into early September


  • Aug LC down 0.200 @ 141.425 Aug FC up 0.125 @ 181.025
  • Live cattle are slightly lower while feeders are higher on higher corn, while cash traded steady in the South yesterday around 142
  • Remaining asking prices for showlists in the South are 144, and are not yet established in the North, but higher northern dressed trade would be supportive to futures
  • Choice cuts down 1.72 and select up 0.44
  • Cattle slaughter projected at 126K
  • CME Feeder Cattle Index for 8/23: down 0.06 @ 180.60


  • Oct hogs down 2.050 @ 90.850 & Oct pork cutout down 1.525 @ 101.850
  • Hog futures are lower today after the cutouts fell by a whopping 12.53 with bellies down 48.59 and hams down 11.07
  • Hog slaughter has kept at a good pace as lower weights and good demand keep packers aggressive
  • The cutout could easily reverse most of its massive loss from yesterday giving futures a boost
  • National Direct Afternoon report rose by 0.77
  • Hog slaughter projected at 477K
  • CME Lean Hog Index for 8/24: down 0.80 @ 119.18


Amanda Brill

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