TFM Midday Update 8-5-2022

Provided by Stewart-Peterson Inc.


  • Sep corn up 10 @ 6.10
  • Eastern corn belt is expected to be mostly dry for 2 weeks after Tuesday
  • September crude oil closed below $90 per barrel for the first time in over 4 months
  • France saw a record July drought which could affect world corn production
  • There are a few private corn yield estimates that are below the USDA’s 177 bpa
  • Rains in southern Brazil may slow harvest a bit


  • Sep soybeans down 3 @ 14.58
  • USDA reported sales of 132,000 mt of soybeans for delivery to China during the 22/23 marketing year and an equal amount to unknown destinations for 22/23
  • September soybean meal closed at a new high yesterday
  • Most private soybean yield estimates are in line with the USDA’s 51.5 bpa
  • Tensions with China have been escalated after the visit by Nancy Pelosi and this is still making soybean traders nervous


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  • Sep wheat down 5 @ 7.78, Sep KC down 8 @ 8.52, & Sep MNPLS up 1 @ 8.95
  • Three more vessels of Ukrainian grain are expected to ship out today
  • There are also more vessels coming into Ukraine to load, reportedly without insurance
  • The forecast for the northwestern US Plains remains mostly dry
  • Ukraine has reportedly harvested 17.5 mmt of grain so far (12.6 mmt is wheat)
  • There is concern that Russia may not be able to harvest all of their crop due to a shortage of machine parts


  • Aug LC up 0.125 @ 137.825 & Aug FC up 0.925 @ 179.950
  • Cash cattle traded higher yesterday
  • Slaughter pace has been strong – packers may need to be more aggressive to obtain supply
  • China was not listed as a top five buyer on this week’s export sales report
  • Choice cuts down 1.66 and select down 0.95
  • Cattle slaughter projected at 121K
  • CME Feeder Cattle Index for 8/4: down 0.29 @ 173.75


  • Aug hogs down 0.125 @ 120.525 Aug pork cutout unchanged @ 126.200
  • August hogs will expire next week (Friday 8/12)
  • China was listed as the top buyer on this week’s export sales report
  • Slaughter pace is picking up which may keep packers aggressive
  • National Direct Afternoon report declined 3.45
  • Hog slaughter projected at 462K
  • CME Lean Hog Index for 8/5: up 0.67 @ 121.61


Brandon Doherty

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