CORN
December corn fell 1 1/2 cents to $4.88, nearer the daily low after hitting a three-month high in overnight trade. The corn futures market saw some chart consolidation and mild profit-taking pressure from recent gains. Major flooding in the eastern Corn Belt is still price-bullish, as some of the corn crop may be flooded out. Pro Farmer crop scouts are touring Indiana today and there will be a full report this evening, including a yield estimate from the scouts. On day one of the Pro Farmer Crop Tour Monday, scouts on the eastern leg measured average corn yield potential of 180.18 bu. per acre in Ohio, down from 185.69 bpa (3%) in 2025 and the 3-year average of 184.31 bpa (2.2%). In South Dakota, Scouts on the western leg measured average corn yield potential of 149.09 bu. per acre, down from 174.18 bpa (14.4%) in 2025 and the three-year average of 162.7 bpa (8.4%). USDA this week rated the U.S. corn crop as 60% good to excellent as of Sunday, down a percentage point from the previous week. The Pro Farmer Crop Condition Index (CCI; 0 to 500-point scale, with 500 being perfect) declined 2.67 points and currently sits 26.64 points behind year-ago.
SOYBEANS
November soybeans gained 3/4 cent to $12.16 3/4, nearer the daily low and hit another three-week high overnight. September soybean meal rose $0.90 to $313.00, near mid-range. September soybean oil fell 175 points to 69.69 cents, near the daily low and hit a three-week high overnight. The soybean market in early trading saw more buying interest from notions major flooding in the eastern Corn Belt the past several days will cause some soybean crop damage. However, gains faded by the close on routine profit-taking from the shorter-term futures traders. On day one of the Pro Farmer Crop Tour Monday, scouts on the eastern leg measured pod counts in a 3’x3’ square averaged 1,186.3 in Ohio, down from 1,287.28 (7%) in 2025 and the three-year average of 1,256.71 (4.7%). Scouts on the western leg measured pod counts in a 3’x3’ square averaged 945.98 in South Dakota, down from 1,188.45 (20.4%) in 2025 and the three-year average of 1,075.78 (12.07%). Crop scouts are touring Indiana and Nebraska today.
USDA this morning reported daily sales of 136,000 MT of U.S. soybeans to China during 2026-27. USDA this week rated the soybean crop as 61% good to excellent as of Sunday, down a percentage point from the previous week. On our CCI, conditions declined 1.89 points to 361.95, which is 13.5 points behind year-ago.World Weather Inc. today said much of the Midwest will continue to see favorable conditions for crop development through the next two weeks, with drier weather starting Thursday being beneficial in areas that have become excessively wet while the drier areas in the northwestern Corn Belt benefit from occasional rounds of rain into this weekend. By the first days of September, the wetter parts of the Midwest should have dried down enough to reduce concerns over early harvest delays while soil moisture is still favorable for late soybean filling.
WHEAT
September SRW rose closed down 10 1/4 cent at $6.64 1/2, near the daily low and hit a three-week high overnight. September HRW lost 15 cents to $7.43 3/4, near the daily low and also hit a three-week high overnight. September spring wheat futures rose 1 1/4 cents to $6.76 1/4. The winter wheat futures markets saw some more profit taking and chart consolidation today, following recent good gains. USDA rated the U.S. spring wheat crop as 52% good to excellent as of Sunday, up one percentage point from the previous week. As a result, the CCI improved 3.35 points on the week. World Weather Inc. today said 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 crops 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. Too much rain has been falling in parts of Russia’s New Lands possibly raising the potential for wet weather disease. The wet bias is expected to prevail for the next 10 days. Good winter crop harvest weather continues in Russia’s southern region and parts of Ukraine, but spring crops need rain. Southeastern Europe has been drying out recently and that is helping to promote winter crop maturation and harvesting, but some spring crops are stressed.
COTTON
December cotton futures closed down 7 points to 85.41 cents, nearer the daily low and hit a three-month high early on. Cotton futures today saw some routine profit-taking pressure from the shorter-term futures traders. Rising global bond yields that hit the stock and financial markets today may also have limited buying interest in cotton futures. Monday afternoon’s weekly USDA crop progress reports showed the U.S. cotton crop in 26% poor to very poor condition, 36% fair and 38% good to excellent. The crop had 14% bolls opening and was 97% squaring, with 74% setting pods. World Weather Inc. today said west Texas and the Texas Blacklands are too hot and need rain in unirrigated fields to support the best production potential. Dryland crops in west Texas have been deteriorating recently and the trend will continue for the next 10 days. The Delta is also unlikely to see much rain leading to some increase in crop moisture stress. Some relief from the worst conditions is expected late this week and into the weekend in the Delta, but Texas cropland will continue quite stressed by the heat and dryness.
CATTLE
October live cattle rose $0.15 to $218.925, nearer the daily low. September feeder cattle gained $0.40 to $333.45, nearer the daily low. Live cattle and feeder cattle futures saw some mild short covering today, following recent strong selling pressure. Both markets traded both sides of unchanged during the session. The charts are still significantly bearish. Lower cash cattle trading last week will limit buying interest in futures this week. USDA Monday reported cash cattle trading last week averaged $228.52—down over $6 from the prior week’s average of $235.21. The noon report today showed higher boxed beef prices, with Choice grade up $10.04 at $389.61 and Select grade up $2.54 at $366.80. Movement at midday was 69 loads. The Choice-Select spread is presently plus $22.81.
HOGS
October lean hog futures fell $1.00 to $80.725, nearer the daily low and hit a two-month low. The lean hog futures market saw more technical selling pressure today as a steep price downtrend remains in place on the daily bar chart. The cash hog market is still trending down, which also favors the bearish camp of futures traders. The latest CME lean hog index down 21 cents to $95.47. Wednesday’s projected CME index price is down another 69 cents at $94.78. The national direct five-day rolling average cash hog price quote for today is $93.90. The USDA’s noon pork report today showed cutout value was up $0.99 at $99.74, led by gains in ribs and bellies. Movement at midday was decent at 177.26 loads.