CORN
December corn rose 5 cents to $5.08 1/2, near the daily high and hit a 2.5-year high for the contract. On the week, December corn was up 25 1/4 cents. Today’s technically bullish weekly high close in December corn sets the stage for follow-through chart-based buying from the specs early next week. The corn futures market continues to be supported by the recent major flooding in the eastern Corn Belt and the Pro Farmer Crop Tour whose results leaned price-bullish. A much weaker U.S. dollar index this week that hit a 2.5-month low has also been helping to boost the grain markets bulls. Also price-supportive, USDA this morning reported daily sales of 205,000 MT of U.S. corn to unknown destinations during 2026-27. In Iowa, scouts on the Pro Farmer Crop Tour Thursday measured an average potential yield of 193.98 bu. per acre, down from 198.43 in 2025, but up from the three-year average of 191.34 bu. per acre. In Minnesota, scouts measured an average potential yield of 199.01 bu. per acre, down from 202.86 in 2025 but up from the three-year average of 183.04 bu. per acre. The national Crop Tour numbers were released this afternoon. World Weather Inc. today concern about wet fields in the heart of the Midwest will continue, although the situation will slowly improve with less frequent and less significant rain in the next two weeks. Temperatures will remain milder than usual.
SOYBEANS
November soybeans rose 3 cents to $12.39 1/2, near the daily high and for the week up 47 cents. September soybean meal rose $2.00 to $317.70, near the daily high and for the week up $7.50. September soybean oil dropped 183 points to 69.35 cents, nearer the daily low and for the week down 9 points. Mild profit-taking pressure from the shorter-term futures traders was featured in the soy complex today. However, selling interest was limited as USDA this morning reported daily sales of 712,000 MT of U.S. soybeans to China and 720,000 unknown destinations each during 2026-27. The technically bullish weekly high close in November beans sets the table for some follow-through chart-based buying on Monday. In Iowa, scouts on the Pro Farmer Crop Tour measured pod counts in a 3’ x 3’ square averaged 1,362.93, up from 1,295.70 last year, but down from the three-year average 1,384.38 pods. In Minnesota, Scouts measured pod counts in a 3’ x 3’ square averaged of 1,257.80, up from 1,247.86 last year and the three-year average of 1,089,82. World Weather Inc. today said infrequent rain and net drying will occur in much of the Midwest through the next two weeks, which will be beneficial in the excessively wet areas were concerns over early harvest delays will diminish while occasional rounds of rain will benefit the drier areas in the northwestern Corn Belt. Rain will be most organized Aug. 28-30, when much of the region receives at least some precipitation.
WHEAT
September SRW wheat futures fell 1 1/4 cents to $6.81 1/2, near mid-range and for the week up 6 3/4 cents. September HRW lost 6 cents to $7.56 1/4, near mid-range and on the week up 2 cents. September spring wheat futures fell 2 1/2 cents to $6.98 1/4, nearer the daily high. For the week, spring wheat was up 20 cents. The winter wheat futures markets saw routing corrective price pullbacks and some profit taking heading into the weekend. Selling interest was limited by gains in corn futures and by ongoing Black Sea wheat shipment disruptions. World Weather Inc. reports good harvest weather has been occurring in the northern U.S. Plains and Pacific Northwest. Most other harvesting is complete. Some relief recently has impacted a part of both Canada’s late spring wheat and barley crop as well as in a few northern U.S. Plains locations. The rain has not restored soil moisture to normal, but enough may have occurred to help late filling crops and grain quality.
COTTON
December cotton futures rose 1 point to 88.35 cents, near mid-range and on the week up 355 points. Gains in the U.S. stock market were supportive for the cotton futures market today. Cotton’s Adjusted World Price increased to 69.62 cents per pound, remaining well above the 55-cent level that would trigger LDP payments. World Weather Inc. today said western Texas and southwestern Oklahoma will see further increases in crop stress and declines in yields through the next two weeks as hot temperatures will continue through at least the next week and rain will be too light and infrequent to induce more than brief improvements in crop and soil conditions. Isolated to occasionally scattered showers will occur regularly through the next two weeks with daily totals less than 0.40” most often. The Blacklands, south Texas, and the Coastal Bend will also see little rain through the next two weeks and stress to developing cotton will steadily increase as the soil dries out while cotton maturation and harvesting occurs in a mostly favorable environment.
CATTLE
October live cattle fell $0.075 to $217.925, near the daily high and hit an eight-month low early on. For the week, October cattle were down 95 cents. September feeder cattle rose $0.10 to $329.025, near the daily high and also hit an eight-month low early on. On the week, September feeders were down $5.475. Cattle futures traders were blindsided and spooked by today’s news that President Trump said he would allow up to 300,000 MT of ground beef to be imported into the U.S. without impacting tariff quotas as a part of a 90-day deal to aid a struggling economy. However, the psychological shock of the matter had worn off by the close and sharp early losses were erased. In other news, the detection of New World Screwworm in the Mexican state of Sonora on Wednesday threatens to complicate the planned Aug. 24 reopening of the U.S.-Mexico border to Mexican cattle imports. Cattle futures were also pressured by lower cash cattle trade so far this week. USDA at midday today reported more active cash cattle trading taking place at lower money, with steers averaging $225.29 and heifers averaging $225.23. The agency reported cash cattle trading last week averaged $228.52. The noon report today again showed lower boxed beef prices, with Choice grade down $3.79 at $386.14 and Select grade down $0.33 at $363.41. Movement at midday was 68 loads. The Choice-Select spread is presently plus $22.73. Livestock stress will be most adverse in far southern Kansas, Oklahoma and Texas over the next two weeks because of continued hot, dry, weather.
HOGS
October lean hog futures rose $0.65 to $80.875, nearer the daily high and hit a 12-month low early on. For the week, October hogs were down 88 1/2 cents. The lean hog futures market short covering today following recent losses. Prices are still in a downtrend on the daily bar chart. Also, the cash hog market is still trending down as seasonals suggest higher slaughter numbers in the coming weeks. The latest CME lean hog index down 24 cents to $93.72. Monday’s projected CME index price is down another 46 cents at $93.26. The national direct five-day rolling average cash hog price quote for today is $93.35. The USDA’s noon pork report today showed cutout value was up $3.49 at $99.98, led by gains in all cuts. Movement at midday was good at 205.85 loads.