TFM Midday Update 02-17-2023

The CME and Total Farm Marketing offices will be closed Monday, February 20, 2023 in observance of Presidents Day

CORN

Mar corn up 1 @ 6.77
Private exporters reported sales of 120,800 mt of corn for delivery to unknown during the 22/23 marketing year
Grain markets will be closed Monday for President’s Day
The Buenos Aires Grain Exchange rated Argentina’s corn crop 11% good to excellent (vs 20% last week)
68% of Argentina’s corn is said to be pollinating
Black Sea exports of corn to China were 1 mmt in December and 1 mmt in January

Mar soybeans up 2 @ 15.28
The Commitments of Traders report has been delayed for the third week in a row
The Buenos Aires Grain Exchange rated Argentina’s soybean crop 9% good to excellent (vs 13% last week)
Brazil still looks to harvest a record soybean crop, which may act as a bearish influence
Sharply lower crude oil is pulling soybean oil down this morning
Based on March futures, the value of crushed soybeans is $3.48 higher than the cost of uncrushed

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Mar Chi wheat up 1 @ 7.66, Mar KC up 4 @ 9.02, & Mar MNPLS up 2 @ 9.32
The deadline to close or extend the Black Sea export deal is March 19^th and right now it is in question as to which way Russia will go with that decision – negotiations start next week
Ukraine still claims that Russia is intentionally delaying export inspections
The Ukraine Grain Union said 2023 harvest could reach 64.8 mmt of grain, with 14 mmt of wheat exports possible
Recent precipitation in the southwestern US plains is welcomed, but is not enough to be a drought buster

Apr hogs up 0.575 @ 86.350 & Apr pork cutout up 0.550 @ 92.950
China was one of the top buyers on yesterday’s strong export sales, indicating good international demand
Yesterday’s strong cutouts may indicate a higher trend to come
Lower cash expected today
National Direct Afternoon report declined 0.54
Hog slaughter projected at 479K
CME Lean Hog Index for 2/17: up 0.23 @ 75.85

Brandon Doherty