CORN
NOTE: Scouts are on their third day of the annual Pro Farmer Crop Tour. We have been and will be providing real-time coverage of the Tour right here at ProFarmer.com and on the Pro Farmer app: Live Coverage: Pro Farmer Crop Tour scouts to sample fields across 7 states.
December corn rose 10 cents to $4.98, near the daily high and hit a three-month high. The corn futures market continues to be supported by the recent major flooding in the eastern Corn Belt and Pro Farmer crop scouts that see less yield potential for the Midwestern states tour so far. A solidly lower U.S. dollar index today that hit a 2.5-month low also aided the grain markets bulls. Scouts on the eastern leg of the Pro Farmer Crop Tour on Tuesday measured average yield potential of 183.54 bu. per acre in Indiana, down from 193.82 last year and the three-year average of 187.42. On the western leg of the Tour, scouts measured an average yield of 163.61 bu. per acre in Nebraska, down from 179.5 bu. Per acre in 2025 and the three-year average of 173.32. Traders await Thursday morning’s weekly USDA export sales report, with U.S. corn sales in all marketing years seen at 1 million to 1.8 million MT.
SOYBEANS
November soybeans gained 20 1/2 cents to $12.37 1/4, near the daily high and hit another three-week high. September soybean meal rose $5.90 to $318.90, near the daily high and hit a three-week high. September soybean oil gained 17 points to 69.86 cents, near mid-range. The soybean complex was boosted today by the Pro Farmer Crop Tour that is so far favoring the market bulls. Recent flooding in the eastern Corn Belt has also been price-bullish for beans. A sharp drop in the U.S. dollar index to a 2.5-month low today was also a bullish outside market for the complex. Scouts on the eastern leg of the Crop Tour measured pod counts in a 3’x3’ square averaged 1318.64 in Indiana, down from 1,376.59 in 2025 and the three-year average of 1,365.19. On the western leg, scouts measured Pod counts in a 3’x3’ square averaged 1219.62 in Nebraska. That’s down from 1,348.31 in 2025 and the three-year average of 1,226.94. Soybean complex traders are also awaiting Thursday morning’s weekly USDS export sales report, with a keener interest on any new export sales to China. Traders are expecting U.S. soybean sales in all marketing years to come in at 1 million to 2.6 million MT.
WHEAT
September SRW rose 15 3/4 cents at $6.80 1/4, near the daily high and hit a three-week high. September HRW rose 18 1/4 cents to $7.62, near the daily high and closed at a three-week-high close. September spring wheat futures rose 17 3/4 cents to $6.94, near the daily high. The winter wheat futures markets saw buying support coming from solid gains in corn and soybean prices, a sharp drop in the U.S. dollar index and on reports SovEcon said this year’s Russian wheat exports will be the lowest in 16 years. Meantime, Ukraine wheat exports could decline to between 5 and 10 MMT in the 2026-27 marketing year if its Black Sea ports remain blocked by Russian attacks, reports ASAP Agri consultancy. World Weather Inc. reports some relief 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, though the rain has not restored soil moisture to normal, but enough may have occurred to help late filling crops and grain quality. Wheat traders are awaiting Thursday morning’s weekly USDA export sales report, which is expected to show U.S. wheat sales at 200,000 to 450,00 MT in all marketing years.
COTTON
December cotton futures rallied 294 points to 88.35 cents, nearer the daily high and hit a contract high. Technical buying amid bullish charts, a sharp drop in the U.S. dollar index to a 2.5-month low today, higher crude oil prices and a rally the U.S. stock market today all combined to help push cotton futures prices north. World Weather Inc. today said the Delta into western and southern Alabama will be hot through the next week and dry through most of the next two weeks, while two rounds of rain into Thursday of next week will not likely be great enough to induce more than brief improvements in crop and soil conditions leaving much of the region with additional increases in crop stress and declines in yields. In the Southern Plains, western Texas and southwestern Oklahoma will see dry weather through much of the next two weeks and the infrequent and mostly light showers expected should not prevent significant drying from taking place while warm to hot temperatures and short soil moisture cause stress to cotton to increase. 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. Cotton traders will closely scrutinize Thursday morning’s weekly USDA export sales report.
CATTLE
October live cattle fell $1.70 to $217.225, near the daily low and closed at an eight-month low close. September feeder cattle lost $4.225 to $329.125, near the daily low and closed at an eight-month-low close. Live cattle and feeder cattle futures saw more technical selling pressure today as both markets remain mired in price downtrends on the daily charts. Lower cash cattle trading last week will likely continue to limit buying interest in futures this week. USDA at midday today reported very light cash cattle trading taking place at lower money so far this week, too, with steers averaging $225.80 and heifers averaging $226.00. The agency 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 mixed boxed beef prices, with Choice grade up $4.13 at $395.28 and Select grade down $1.50 at $364.79. Movement at midday was light at 49 loads. The Choice-Select spread is presently plus $30.49.
HOGS
October lean hog futures rose $0.775 to $81.50, nearer the daily high. The lean hog futures market saw short covering and some perceived bargain hunting today. However, the cash hog market is still trending down and seasonals suggest higher slaughter levels coming down the pike, which also favor the bearish camp of futures traders. The latest CME lean hog index down 69 cents to $94.78. Thursday’s projected CME index price is down another 82 cents at $93.96. The national direct five-day rolling average cash hog price quote for today is $93.07. The USDA’s noon pork report today showed cutout value was down $0.76 at $98.36, led by losses in loins and hams. Movement at midday was 190.33 loads.