Evening Edition | Monday, December 5, 2022
In today's Evening Edition, get the latest markets updates, read Naomi Blohm's four marketing focuses for 2023, and meet a Tennessee hog farmer who went from humble beginnings to solidifying his place as a Pork Powerhouse.
Today's Markets: December 5, 2022
Corn and soybeans both started the day up. Lean hogs were down 45¢ and feeder cattle were up $1.03. Al Kluis with Kluis Commodity Advisors says loosening COVID restrictions in China could lead to fewer lockdowns and more travel, which is good for energy markets.
By midday, corn, soybeans, and wheat were all down.
Corn ended the day down 6¢ and soybeans were up a penny. CBOT, KC, and Minneapolis wheat were down 21¢, 27¢, and 19¢, respectively. Naomi Blohm with Total Farm Marketing says prices fell in response to a report in the Wall Street Journal that the U.S. Federal Reserve is looking to raise interest rates to 5% or above in 2023 while 4% or 4.5% had been the expectation.
Cassidy Walter has been following the markets all day. Read all of her updates below.
- READ MORE: Prices slump following interest rates news
Naomi Blohm: Time to get a plan for 2023
High commodity prices and strong demand continue globally as we head into 2023. Naomi Blohm writes, "In my opinion, the reality is commodity prices may likely stay firm into 2023 because the major underlying issue has not yet been fixed: low supplies. Low global supplies of grain and low global supplies of energy."
Blohm says her focus for 2023 will be on fighting inflation, China coming out from under COVID restrictions, crude oil, and Mother Nature.
Read more about her thoughts on each of these factors and see what she has to say about scenario planning for a large price swing in either direction in the coming weeks and months.
- READ MORE: Four focuses for 2023
From humble beginnings to a Pork Powerhouse
Jimmy Tosh liked to tell people he was a row crop farmer who got into pigs. Now he calls himself a pig farmer with row crops.
He’s not just any pig farmer, though. Tosh, CEO of Tosh Farms in Henry, Tennessee, was ranked 26th among Successful Farming’s exclusive listing of Pork Powerhouses in 2021, with 36,000 sows. Tosh’s operation was one of the 11 out of 37 that expanded last year. The farm is set to grow again, by at least 2,500 sows, by the end of 2022.
Read more about Tosh's humble beginnings, his hopes, and his concerns in this preview to Successful Farming's annual Pork Powerhouses feature, which will be released in our May/June 2023 issue.