Corn
December corn futures rose 7 3/4 cents to $4.11 3/4, nearer the daily high and hit a three-week high. The Pro Farmer Crop Tour is finding the corn crop in some areas might not have a great finish due to disease issues and that supported buying interest in futures today. Technical buying was also featured. Today, Pro Farmer scouts are sampling fields in eastern Iowa and southern Minnesota. The Tour will conclude tonight in Rochester, Minnesota. Find Crop Tour updates on our website and by searching #pftour25 on X (formerly Twitter). For the week ended Aug. 14, USDA reported net U.S. corn export sales reductions of 27,100 MT for 2024-25, which were within the pre-report expected range of off net reductions of 100,000 MT to 300,000 MT. New-crop sales totaled 2.86 MMT, which topped the pre-report range of 900,000 MT to 2.0 MMT.Argentina’s corn plantings are expected to grow to 7.8 million hectares, up 9.6% in 2025-26, according to the Buenos Aires Grains Exchange. Corn planting is set to begin in September. World Weather Inc. today said forecast drier weather for the Corn Belt will see “most corn too far advanced to see significant declines in yields while corn maturation should be sped up by the continued lack of rain.”
Soybeans
November soybean futures rose 20 cents to $10.56, near the session high and hit a six-week high. September soybean meal rose $4.80 to $296.80, near the daily high and closed at a nine-week high close. September soybean oil futures gained 244 points to 53.64 cents, near the session high and closed at a three-week high close. Pro Farmer Crop Tour scouts are finding some disease issues for soybeans in some Corn Belt areas that could nip yields, and that supported buying interest in futures today. Technical buying was also featured in the soy complex today. Pro Farmer scouts today sampled fields in eastern Iowa and southern Minnesota. The Tour will conclude tonight in Rochester, Minnesota. Find Crop Tour updates on our website and by searching #pftour25 on X (formerly Twitter). For the week ended Aug. 14, USDA reported weekly net U.S. soybean sales reductions of 5,700 MT for 2024-25, which were within the pre-report range of net reductions of 300,000 MT to positive sales of 300,000 MT. Meanwhile, new crop sales totaled 1.14 MMT, which topped the pre-report range of 400,000 MT to 1.0 MMT. The U.S. Drought Monitor showed 51% of the U.S. is experiencing abnormal dryness or drought, up 2% from the previous week. U.S. soybean acres D1-D4 are estimated at 9% (up 6%). World Weather Inc. today said much of the Midwest was cooler and dry Wednesday, with light rain noted in parts of southeastern Iowa and central into northeastern Ohio. Areas from southeastern Missouri to southern Illinois and western Kentucky will be dry through much of the next week “and stress to crops and declines in soybean yields are likely to increase as soil moisture is already short and the remaining moisture is lost to evaporation.” Cooler temperatures during the next week will reduce increases in stress, and showers Aug. 28-Sep. 4 will induce at least some benefit to soybeans, but the rain should come too late to induce significant increases in yields, said the forecaster.
Wheat
December SRW wheat futures closed up 1 1/2 cents to $5.29 1/2, near mid-range. December HRW wheat gained 2 3/4 cents to $5.26, nearer the daily high. Wheat futures markets were mildly supported today by solid gains in corn and soybean futures markets. Light technical buying was also seen today after Wednesday’s price action in December winter wheat futures produced technically bullish “key reversals” up on the daily bar charts.USDA this morning reported weekly U.S. wheat export sales of 519,800 MT for the week ended Aug. 14, down 28% from the previous week and down 25% from the four-week average. Net sales were just within the pre-report range of 500,000 to 800,000 MT. World Weather Inc. today said that in the northern Plains very little rain is expected in the next 10 days, “which will be great for early season crop maturation and harvest progress.” Subsoil moisture will continue to support the needs of most crops. Some increase of rainfall is possible in the first week of September and this would be timely for late-season crops. Unusually cool temperatures will help keep evaporation rates low through the end of August. In the Pacific Northwest mostly dry conditions and warmer-than-normal temperatures are expected through the end of August. More precipitation will be needed to support unirrigated crops and to raise reservoir levels prior to autumn. Moderate to severe drought is building in much of the crop region as well, with extreme drought occurring in far southeastern Washington.
Cotton
December cotton futures fell 18 points to 67.42 cents, near mid-range. The cotton market remains trapped between strong overhead technical resistance and strong technical support under the market. USDA today reported disappointing weekly U.S. cotton export sales of 105,400 running bales (RB) for the 2025/2026 marketing year, primarily for Vietnam, Pakistan and Bangladesh. Exports of 123,300 RB were primarily to Vietnam, Bangladesh and Pakistan. World Weather Inc. today said significant rain fell from near Childress, Texas into nearby areas of southwestern Oklahoma Wednesday, “inducing improvements in soil moisture and conditions for cotton development, while several clusters of lighter rain occurred elsewhere in western Texas with portions of the Blacklands and south Texas also receiving rain.”
Cattle
October live cattle futures fell 12 1/2 cents to $234.725, nearer the daily high. September feeder cattle futures lost 7 1/2 cents to $358.025, nearer the session high and poked to another contract/record high early on. Some mild profit-taking pressure was seen in the cattle futures markets today. USDA today reported active cash cattle trade. Steers fetched an average price of $244.87 and heifers $244.29. 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. Boxed beef prices have been strong recently. Today’s noon report showed Choice-grade cutout value was up $2.28 to $408.13, while Select rose $1.55 to $384.71. Movement at midday was light at 46 loads. The Choice-Select spread is presently $23.42. USDA reported net U.S. beef export sales of 10,100 MT for 2025, up noticeably from the previous week but down 11% from the four-week average. Traders are looking ahead to Friday afternoon’s monthly USDA cattle-on-feed report.
Hogs
October lean hog futures fell 2 1/2 cents to $89.925 today and near mid-range. The lean hog futures market has paused this week, with buying interest limited by weakening cash hog market fundamentals, but selling interest limited by historically high cattle futures prices. The noon report today showed pork cutout value fell 35 cents to $112.66, led by losses in picnics, hams and bellies. Movement at midday was 129.69 loads. The latest CME lean hog index is down another 49 cents to $108.57 (as of Aug. 19). Friday’s projected cash index price is down another 25 cents at $108.32. The national direct five-day rolling average cash hog price quote today is $109.59. USDA this morning reported net U.S. pork export sales of 19,200 MT for 2025, down 9% from the previous week and 29% from the four-week average.