Corn
December corn futures rose 1 1/4 cents to $4.06 1/2 and nearer the session high. The corn market bulls today stepped in to buy the modest overnight dip in prices. Today marks the fourth straight session of price gains for December corn, beginning to suggest the bearish fundamental news is baked into the cake and that a price bottom is in place. Pro Farmer’s crop scouts are now sampling corn and soybean fields across the seven Crop Tour states and will continue to do so over the next four days. You can follow along with updates on our website and by searching #pftour25 on X (formerly Twitter). Scouts on the eastern leg of the tour are making their way today from Dublin, Ohio to Noblesville, Indiana. Those on the western leg are scouting fields between Sioux Falls, South Dakota, and Grand Island, Nebraska. USDA today reported a daily U.S. corn sale of 124,000 MT to unknown destinations during the 2025-26 marketing year. USDA also reported weekly U.S. corn export inspections of 1.05 MMT for the week ended Aug. 14, down 471,846 MT from the previous week and near the low-end of the pre-report expectations range of 1.0 MMT to 1.45 MMT. Corn traders will closely examine this afternoon’s weekly USDA crop progress reports.
Soybeans
November soybean futures lost 1 1/4 cents to $10.41 1/4 and near mid-range. Soybean bulls stepped in early this morning to buy the overnight dip and do some perceived bargain hunting. However, prices slipped just a bit later in the session and into the close. September soybean meal fell $3.00 to $280.40 and nearer the session low.September soybean oil futures rose 9 points to 53.27 cents and nearer the daily high. Bean traders will also be closely watching the Pro Farmer annual Crop Tour. August is arguably the most important growing month for most of the U.S. soybean crop. Weather still leans price-bearish for soybeans. World Weather Inc. today said hot and dry weather during the weekend “likely caused some crop stress” in the drier areas from southeastern Missouri to southern Illinois and western Kentucky, with parts of east-central Missouri benefiting from rain. Rain was also common from the eastern Dakotas to Wisconsin and central and northern Illinois to eastern Indiana. Warm to hot and mostly dry weather will continue into Tuesday in the driest areas from southeastern Missouri to southern Illinois and western Kentucky before cooler temperatures arrive and at least some rain falls later in the day Tuesday into Wednesday. “Soil moisture is favorable in much of the remainder of the Midwest and with rain this week and cooler temperatures later this week most crops should have enough soil moisture to develop favorably to maturity.“ USDA this morning reported weekly U.S. export inspections of 473,605 MT for the week ended Aug. 14, down 70,641 MT from the previous week but within the pre-report range of 200,000 to 730,000 MT. Soybean traders will closely examine this afternoon’s weekly USDA crop progress reports.
Wheat
December SRW wheat futures closed down 2 cents to $5.25 and near mid-range. December HRW wheat fell 1/4 cent to $5.28 1/4 and nearer the daily high. Modest technical selling pressure was again featured in the winter wheat futures markets to start the trading week. Losses in wheat were limited by corn futures prices posting mild gains today. World Weather Inc. today said rain in Saskatchewan and Manitoba recently “has come too late for a big improvement in cereal production, although a few crops that were not drought stressed certainly benefited.” Drying is likely once again in the central and southwestern Prairies. Ontario and Quebec production has been good this year and drying conditions under way now “are great for maturing the crop and supporting its harvest.” U.S. wheat weather has been favorable in the Midwest and northern Plains. Harvesting in the central Plains is virtually complete and it is just beginning in the northern Plains. Dryness in the Pacific Northwest hurt dryland production this year while irrigated crops likely performed normally. USDA this morning reported weekly U.S. wheat export inspections of 395,240 MT for the week ended Aug. 14, down 19,625 MT from the previous week and near the low-end of pre-report expectations ranging from 350,000 to 600,000 MT. Russia’s IKAR consultancy raised its 2025 wheat crop forecast to 85.5 MMT today, up from the previous estimate of 84.5 MMT. Wheat traders will closely examine this afternoon’s weekly USDA crop progress reports.
Cotton
December cotton futures rose 27 points to 67.81 cents, nearer the daily high. 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. World Weather Inc. today said west Texas rainfall is expected to be limited over the next 10 days to two weeks, leading to net drying. Temperatures should be seasonable. “However, the dryland crop needs moisture, especially in the southwest. Other areas in Texas are seeing highly varying weather and soil conditions. Timely rain will become increasingly more important as the next two weeks move along to ensure the best crop development and yield potential in the Blacklands and upper coast.” South Texas crops are maturing and beginning to be harvested. U.S. Delta crops are drying down and timely rain is needed. The Delta will see some rain later this week into next week, although it will be a bit sporadic. The southeastern U.S. cotton areas in the nation have received significant rain recently and more will fall to support long term crop development, said the forecaster. Cotton traders will closely examine this afternoon’s weekly USDA crop progress reports.
Cattle
August live cattle futures rose 47 1/2 cents to $236.725, near the daily high. August feeder cattle futures gained $2.75 to $348.90, near the daily high and set a contract/record high. The cattle futures markets bulls kept their foot on the accelerator today, following the strong gains posed Friday. The past two sessions’ price action sets the table for more new for-the-move highs coming in the near term. USDA today reported the average cash cattle trading price last week was $242.01, the same as the week prior. The feeder cattle index continues to hover around the all-time-high of $346.01. The noon report today showed solid gains in wholesale beef cutout values, with Choice up $3.57 to $404.14, while Select rose $6.81 to $377.57. Movement at midday was light at 26 loads. The Choice-Select spread today narrowed to $26.57.
Hogs
October lean hog futures rose 2 1/2 cents to $90.125 today and near mid-range. The lean hog futures market paused to start the trading week, following decent gains posted last Friday.Selling interest in hog futures was limited today amid more 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 rose $2.38 to $118.78, led by gains in loins and bellies. Movement at midday as 144.73 loads. The latest CME lean hog index is up 5 cents to $109.80 as of Aug. 14. The national direct five-day rolling average cash hog price quote today is $109.85.