Corn
December corn futures fell 3 1/4 cents to $4.03 1/4 and near mid-range. Today saw some routine profit taking from the shorter-term futures traders after four straight sessions of price gains for December corn. Pro Farmer’s Crop Tour showing a hefty South Dakota corn crop also limited buying interest in futures today. Scouts on Monday found an average South Dakota corn yield of 174.18 bu. per acre, up from 156.51 bu. last year and from the three-year average of 144.13 bu. per acre. In Ohio, samples yielded an average corn yield of 185.69 bu. per acre, up from 183.29 bu. in 2024 and up from the three-year average of 180.47 bu. per acre. You can follow along with updates on our website and by searching #pftour25 on X (formerly Twitter). USDA Monday afternoon reported the U.S. corn crop was 71% “good” to “excellent” as of Aug. 17, down one percentage point from last week, but up 4 points from year-ago during the same period. On the Pro Farmer Crop Condition Index (0 to 500-point range, with 500 representing perfect), the corn crop declined 0.5 points from last week but is still 10.3 points ahead of year-ago.
Today, scouts on the eastern leg of the Crop Tour will sample routes from Noblesville, Indiana to Bloomington, Illinois, and scouts on the western leg will sample central and southern Nebraska.
Soybeans
November soybean futures lost 7 1/2 cents to $10.33 3/4 and nearer the daily low. September soybean meal rose $7.00 to $287.40 and near the session high and closed at a seven-week high close. September soybean oil futures lost 159 points to 51.68 cents, nearer the daily low and hit a seven-week low. The meal market was the star performer in the grains complex today, as spreaders were featured unwinding long bean oil, short soybean meal spreads. Better soybean pod counts for South Dakota and Ohio from the Pro Farmer annual Crop Tour on Monday helped to pressure soybean futures. The Tour found South Dakota soybean pod counts in a 3’ x 3’ square averaged 1,188.45, up from 1,025.89 last year and the three-year average of 970.10. Ohio soybeans in a 3’ x 3’ square averaged 1,287.28, up from 1,229.93 in 2024 and the three-year average of 1,204.83. August is arguably the most important growing month for most of the U.S. soybean crop. USDA Monday afternoon rated the U.S. soybean crop as 68% “good” to “excellent” as of Aug. 17, unchanged from the previous week, while the “poor” to “very poor” rating increased a point to 8%. On our CCI, the soybean crop improved 1.1 points to 375.2 from last week and is 2.4 points above year-ago. USDA today reported a daily sale of 228,606 metric tons of U.S. soybeans for delivery to Mexico during the 2025/2026 marketing year. World Weather Inc. today said unusually cool air moving into the U.S. later this week in the Midwest “will help soybeans deal with below normal precipitation and low soil moisture in the lower and eastern Midwest by keeping evaporation rates low and reducing plant moisture demand.”
Wheat
December SRW wheat futures closed down 3 3/4 cents to $5.21 1/4, nearer the daily low and hit a fresh contract low. December HRW wheat fell 6 1/2 cents to $5.21 3/4, nearer the daily low and also hit a contract low. More technical selling pressure was featured in the winter wheat futures markets today. Lower corn and soybean futures prices also pressed the wheat markets. USDA Monday afternoon rated the U.S. spring wheat crop as 50% “good” to “excellent” as of Aug. 17, up one point from last week, while the “poor” to “very poor” rating was unchanged. Spring wheat harvest was estimated to be 36% complete as of last Sunday, in-line with the five-year average. On our CCI, the HRS crop increased 1.2 points from last week, but is still 33.7 points behind year-ago. Egypt’s state grains buyer Future of Egypt has agreed to buy at least 200,000 MT of French wheat in recent private deals with exporters, along with several 30,000 MT cargoes of wheat from Ukraine and Romania, according to Reuters. World Weather Inc. today said “unusually cool air will pass through Canada’s Prairies this weekend, dropping afternoon temperatures to the upper 50s and 60s and inducing some frost.”Most of the cold is not expected to be widespread damaging, said the forecaster. Black Sea crop areas will continue to be dry and warm for the next 10 days, keeping unirrigated crops stressed, according to World Weather.
Cotton
December cotton futures fell 25 points to 67.56 cents, near mid-range. Price action in the cotton market remains sideways and choppy, with prices presently trapped right in the middle of the range that is bound by resistance at the June high of 69.52 cents and support at the August low of 65.88, basis December futures. USDA Monday afternoon reported the U.S. cotton crop in 55% good to excellent condition, in 31% fair condition and 14% poor to very poor condition. The report said 13% of the crop has bolls opening, with 73% setting bolls, and 97% is squaring. World Weather Inc. today said rain chances are “improving greatly” for West Texas, where dryland cotton could use moisture. Cool air moving southward from Canada this weekend next week will bringing showers and thunderstorms to Texas. “The two potential periods of rain should bring some needed relief to dryness in dryland production areas and help ensure very good production potentials for irrigated crops.” South Texas harvest weather is expected to be mostly good during the next 10 days.
Cattle
October live cattle futures rose 17 1/2 cents to $231.35, near mid-range. September feeder cattle futures gained $1.50 to $352.425, nearer the daily high and set another contract/record high. The cattle futures bulls continue to press forward, with no early, strong fundamental or technical clues that market tops are close at hand. Boxed beef prices have also been strong, suggesting good demand from retailers ahead of the Labor Day holiday in early September. There has been no significant cash cattle trading yet this week. USDA Monday reported the average cash cattle trading price last week was $242.01, the same as the week prior. The latest CME feeder cattle index price is $342.17 as of Aug.15. The noon report today showed more gains in wholesale beef cutout values, with Choice up $3.96 to $408.20, while Select rose $2.04 to $379.78. Movement at midday was 69 loads. The Choice-Select spread is presently $28.42.
Hogs
October lean hog futures rose 2 1/2 cents to $90.15 today and nearer the daily high. The lean hog futures market has paused early this week. Buying interest has been squelched by a mild deterioration in cash market fundamentals. However, selling interest has been limited amid recent gains posted in the cattle futures markets. The hog futures traders will continue to look to the cattle futures markets for daily price direction. The noon report today showed pork cutout value fell $1.38 to $114.98, led by declines in loins and bellies. Movement at midday was decent at 164.10 loads. The latest CME lean hog index is down 22 cents to $109.58 as of Aug. 15. The national direct five-day rolling average cash hog price quote today is $110.25.