Market Snapshot | May 17, 2022

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Corn futures are lower at midmorning, led by declines of about 8 cents in the July contract.

Soy complex futures are mixed, with nearby soybeans 8 to 10 cents higher and nearby soyoil up 80 to 90 points, while soymeal is $2 to $3 lower.

Wheat futures are higher and trading near contract highs, led by HRW and SRW contracts

Live cattle and feeder cattle futures are mostly firmer at midmorning.

  • Live cattle futures are supported by corrective buying following recent losses and strength in wholesale beef.
  • Feeder cattle are supported by gains in corn.
  • Choice cutout values rose $1.36 Monday to $260.31, a two-week high, but movement was light at 95 loads. Monday’s wholesale beef trade continued to show retailers are selective buyers at current price levels. Given near-record retail beef prices, retailers are seemingly not wanting to get caught with too much inventory.
  • June live cattle pushed above the 10-day moving average around $133.10 and rose as high as $133.925, the contract’s highest price since May 11. Further resistance is seen at the 20-day moving average around $134.60.

Hog futures are moderately to sharply higher, led by June and July contracts.

  • Hog futures extended a recent corrective bounce amid ideas the market has established a near-term bottom, though extended gains likely will require upside leadership from the cash market.
  • Pork cutout values rose 38 cents Monday to a one-week high of $101.55 on strong movement of nearly 357 loads.
  • The CME lean hog index fell 42 cents to $100.07 (as of May 13), the lowest since April 18. After strong price gains the past two sessions, summer-month hog futures are trading at premiums to the cash index again.
  • China will buy 40,000 MT of local frozen pork for its state reserves on May 20, according to a notice on the website of the reserves management center. The country is buying pork to support prices.
  • June lean hog futures rose as high as $104.725, the contract’s highest intraday price since $106.725 on May 6. The most-active contract has rallied over $6 from a four-month intraday low of $97.10 reached May 12.

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