TFM Midday Update 8-3-20


  • September up 0.005 @ 3.165, December up 0.0025 @ 3.2725, March up 0.0025 @ 3.385
  • Nonthreatening weather forecasts are increasing chances for above trend line yield
  • Chinese government sold over 4mmt of corn last week at auction
  • Strong China demand for US corn is expected to persist
  • December corn is trying to stabilize near recent lows
  • Prices have already fallen back towards the middle of the day’s range so far
  • Oversold stochastics


  • August down 0.0125 @ 8.9625, September up 0.0225 @ 8.925, November up 0.035 @ 8.96
  • Palm oil futures had their biggest monthly gain in July since September 2015
  • Lack of threatening forecasts for August could bring yields above trend line
  • Better than expected US biodiesel demand in May
  • November beans have pushed through the 10 and 20-day moving average resistance levels but have fallen well off the session highs
  • Trend higher may still be intact


  • September CHI down 0.095 @ 5.2175, September KC down 0.1225 @ 4.3025, September MPLS down 0.0725 @ 5.0675
  • Talk of extremely high yields in Russia
  • US has been selling wheat to Brazil lately due to poor conditions in Argentina
  • US dollar is trying to stabilize
  • Winter wheat futures gapped lower this morning
  • CHI futures fell through the 100-day moving average support
  • KC futures are trading below the lower Bollinger Band resistance level
  • Spring wheat futures are testing contract lows


  • August lives down 0.12 @ 102.70, October lives down 0.10 @ 107.80, December lives up 0.05 @ 111.60
  • August feeders down 0.05 @ 144.62, September feeders up 0.07 @ 146.30
  • Beef values are starting to creep higher, cash cattle prices rallied into the end of last week
  • Slaughter numbers coming in near year-ago levels which is missing expectations and mitigating some excess beef production due to heavy weights
  • Live cattle futures are trading in quiet, two-way ranges above the 200-day moving average
  • Feeder markets are also trading near Friday’s closes


  • August hogs down 2.00 @ 50.00, October hogs down 1.32 @ 48.30, December hogs down 0.55 @ 49.82
  • Pork values trending lower, cash Index may have made a near term top
  • October hogs are trading at a much tighter discount to cash than the normal seasonal tendency
  • Pork production last week was up 8.4% from the same week last year
  • August hogs are trading at their lowest levels today since July 15


Kelly Rubisch

Sign up to get daily TFM Market Updates straight to your email!

back to TFM Market Updates